BIRMINGHAM, Ala. -- Regions Financial Corp., based in Birmingham, has agreed to buy Fidelity Federal Savings Bank of Dalton, Ga., for $31.9 million in stock, or 1.7 times its book value.

Fidelity Federal has assets of $287 million and four offices, three in Dalton and one in nearby Chatsworth.

The acquisition, which is subject to regulatory and shareholder approvals, is the third in Georgia for Regions, which has $11.7 billion of assets. Regions had previously bought community banks in Columbus and Rome.

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