Superior Bancorp in Birmingham, Ala., announced it has agreed to buy the $323 million-asset People's Community Bancshares Inc. of Sarasota, Fla., for $77 million in stock.
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The acquisition would add three branches to Superior's 57-branch network in Alabama and Florida and would be Superior's second in Florida in less than a year. In November it acquired the $325 million-asset Kensington Bankshares Inc. in Tampa for $71.2 million in stock.
Also in November, it acquired the $566 million-asset Community Bancshares Inc. in Blountsville, Ala., for $98 million.
The deal for People's was announced late Thursday. It is expected to close in the second quarter.
