Regions Financial Corp. said Friday that it has agreed to buy Jacobs Bank, Scottsboro, Ala., for $52 million in stock.
The deal for the $190 million-asset bank is expected to close in the third quarter, provided a definitive agreement is reached and shareholders and regulators approve it. Under the terms of the agreement, Regions would exchange 13.5 shares of its common stock for each share of Jacobs Bank's common stock.
Jacobs operates seven offices in three northern Alabama counties, two of which would be new territories for Regions.
Regions has seven other acquisitions pending: three in Georgia and one each in Arkansas, Florida, Louisiana, and South Carolina.
After all pending acquisitions are completed, Regions' assets would total about $33.1 billion.
Last week Regions completed the acquisitions of two South Carolina banks-Palfed Inc., headquartered in Aiken, and Greenville Financial Corp.