Southeast Banking Sells Branches to AmSouth

ATLANTA -- Southeast Banking Corp. said it has sold 18 branches with $300 million in deposits and associated loans to AmSouth Bancorp., Birmingham, Ala.

No purchase price was disclosed for the branches, which extend from Pensacola in the western panhandle to Gainesville in northern central Florida. AmSouth already owns a bank in the panhandle with 23 offices and $872 million in deposits.

Southeast said the sale was part of its strategic plan of shedding assets and business lines that do not meet its profit targets.

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