Bay Bank and Trust Co. dodged the auction block last week after its owners agreed to pay off a $4.4 million loan to SouthTrust Bank of Alabama within 45 days.

The Panama City, Fla.-based bank was scheduled for auction Aug. 16 because the John Christo family, Bay Bank's owners, are behind on loans totaling $7 million, SouthTrust attorney Jesse H. Austin 3d said.

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