United Security Bancshares in Thomasville, Ala., has agreed to buy a three-acre parcel near Birmingham, Ala., for a new executive office and retail branch.
The $479 million-asset United Security will pay about $3 million for the parcel, situated on U.S. Highway 280 in Jefferson County, according to a regulatory filing. The bank is buying the lot from Pump House Land Partners LLC in Birmingham.
United Security will develop a 40,000-square-foot building on the property for use as a commercial loan office, office space for executive management and a retail branch for its First US Bank subsidiary. It will use about a quarter of the building and lease out the rest.
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First US Bank operates one branch in Jefferson County, in McCalla, Ala. It operates an additional 20 branches throughout Alabama.
Maynard Cooper & Gale is legal counsel to United Security on the purchase.