Regions Financial Corp. said Friday it has a deal to acquire First Community Banking Services of Peachtree City, Ga., for $33 million in stock.

The price is about three times First Community's book value, Regions said. First Community has $131 million of assets and three offices in suburban Atlanta. The acquisition is expected to be completed during the third quarter.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.