Troy Bank & Trust in Alabama has agreed to buy First National Bank of Brundidge in Alabama.
The $853 million-asset Troy Bank did not disclose how much it will pay for the $94 million-asset First National. The deal is expected to close in the first quarter; integration is planned for the spring.
Troy Bank, which has 11 branches in five counties, said it has no plans to close any locations. First National has two branches.
“These two banks have been serving the financial needs of Pike County for a combined 224 years,” Sherrill Crowe, chairman of Henderson Bancshares, the holding company of Troy Bank, said in a press release. “We both take great pride in serving our customers and that will never change.”
“I am excited about the opportunity this presents for everyone involved with FNBB,” said John Ramage, First National’s president and CEO. “From our loyal customers to the officers and staff and for our shareholders, this is an excellent opportunity. Given my great-great grandfather founded FNBB and my father led the bank for nearly 50 years, the decision to merge with TB&T was made with a great deal of thought, discussion and prayer.”