Progress Financial to buy First Partners Financial in Alabama
Progress Financial in Huntsville, Ala., has agreed to buy First Partners Financial in Birmingham, Ala.
The $709 million-asset Progress said in a press release Tuesday that it will pay $41.9 million, or $27 a share, for the $267 million-asset First Partners.
Progress is “very excited to accelerate our market presence” in Birmingham, David Nast, the company’s president and CEO, said in the release.
Progress hired a commercial banking team in Birmingham last year, and expansion in the area had “always been a long-term strategy,” Nast said.
Stephens and Maynard Cooper & Gale advised Progress. Banks Street Partners and Balch & Bingham advised First Partners.