SouthFirst Bancshares, a thrift holding company in Sylacauga, Ala., has agreed to buy Pension and Benefit Financial Services Inc., a Montgomery- based employee benefits consulting firm, for approximately $850,000 in cash and stock. SouthFirst will make the acquisition through its wholly-owned subsidiary, Benefit Financial Serivces.

The deal is part of SouthFirst's plan to broaden its fee-for-service banking business, president and chief executive Don Stroup said in a press release.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.