Jefferson Bancorp, Miami Beach's lone remaining community bank, is being acquired.

Montgomery, Ala.-based Colonial BancGroup, has signed a definitive agreement to acquire the $440 million company. The merger is expected to take place in the first quarter next year.

The agreement calls for an exchange of stock valued at $71.65 million. Jefferson shareholders are to receive Colonial stock worth about $18.90 per share.

Because Colonial is assuming Jefferson's options based on the price of $18.90 per share, the total value of the transaction will be about $76 million.

Colonial has $4.7 billion in assets and 182 branches in Alabama, Florida, Georgia, and Tennessee. The acquisition will add nine branches in Dade, Broward, and Palm Beach counties.

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