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.

David Nast is president and CEO of Progess Financial in Huntsville, Ala.
Progress Financial had been looking to expand in Birmingham, Ala., after hiring a lending team, says David Nast, the company's president and CEO.

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.

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