For the second time in a week Amsouth Bancorp has announced that it is selling off branches to a community bank holding company.
National Bankshares of Blacksburg, Va., agreed to buy six Amsouth branches in southwest Virginia for an undisclosed price, the companies announced Thursday.
The branches are in Abingdon, Dublin, Marion, Pulaski, Radford, and Wytheville. They are to be merged into branches of the National Bank or Bank of Tazewell County, $492 million-asset Nationals two subsidiaries. Amsouth plans to retain its branch in Bristol, Va.
Amsouth, of Birmingham, Ala., inherited the branches when it acquired First American Corp. of Nashville. National would purchase certain loans and assets and assume $95 million of deposits and other liabilities from the branches.
Six days before announcing the deal with National Bankshares, $42.6 billion-asset Amsouth said it would sell four branches in Kentucky to Integra Bank Corp. of Evansville, Ind.
Both transactions are expected to be completed in the fourth quarter.
Amsouth officials said they are unloading branches to focus on markets in Alabama, Tennessee, Mississippi, and Florida where the company has a bigger presence.