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.
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.