TALLAHASSEE, Fla. - SunBanks, a unit of Atlanta-based SunTrust Banks Inc., agreed to purchase Regional Investment Fund Ltd., a thrift holding company based here for $65.1 million in cash.
Regional Investment owns Andrew Jackson Savings Bank, which had total assets of $418.5 million, total loans of $357.5 million, and total deposits of $305.3 million on June 30. The holding company said it retains the right to receive up to $2.9 million in dividends, contingent upon 1993 earnings of Andrew Jackson.
The deal is expected to be completed within "several months," subject to regulatory approval, the parties said.
SunBanks controls $20 billion of assets and more than 350 offices in Florida.