First American Corporation said it has reached a definitive agreement to buy Middle Tennessee Bank for about $57 million.

Under the agreement, shareholders of Middle Tennessee, based in Columbia, Tenn., would receive 7.768 shares of First American for each of their shares in a tax-free exchange.

Middle Tennessee has $232 million of assets and a 24% share of the deposit market in Maury County, south of Nashville. Maury County is home to the Saturn automotive assembly plant and is one of the faster-growing counties in the state.

The transaction is subject to regulatory and shareholder approval. The deal is expected to close before yearend and would be accounted for as a pooling of interests.

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