South Alabama Bancorp. agreed this week to purchase First Monco Bancshares of Monroeville in a stock swap.

South Alabama, with $240 million of assets, said it would pay $1,415 of its stock for each share of First Monco. The deal is subject to regulatory and shareholder approval.

First Monco, the holding company of Monroe County Bank, has $91 million of assets. South Alabama is the parent of the Bank of Mobile and First National Bank of Brewton.

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