BIRMINGHAM, Ala. - SouthTrust Corp. has extended for a second time its deadline for reaching a final agreement to acquire Community Bankshares Inc. of Richmond, Va., as the companies continue to negotiate unspecified issues.
The companies gave themselves until Sept. 18 to reach an agreement, and said they hope to complete a transaction next quarter.
On June 29 SouthTrust announced it had signed a nonbonding letter of intent to buy Community and its Commerce Bank subsidiary by offer 1.59 of its shares for each Community share. Two weeks ago SouthTrust trimmed its offer to 1.56 shares and extended its deadline to Aug. 27. SouthTrust and Community said there is no guarantee they will complete the deal, now valued at about $112 million. The deal would be SouthTrust's second this year in Virginia. On Aug. 3 it acquired Cenit Bancorp in Norfolk for $117 million in stock.