Regions Financial Corp. in Birmingham, Ala., has closed its acquisition of East Coast Bank Corp. in Ormond Beach, Fla.
East Coast, the parent of Bank at Ormond-By-The-Sea, operates three branches on Florida's Atlantic Coast with total assets of $104 million. Regions, with $43 billion of assets, has 750 branches in eight states from Texas to Florida.
Stockholders of East Coast Bank Corp. got 1,750 shares of Regions stock for each East Coast share owned. Based on Regions' closing price last Friday, the deal is valued at $13 million.
