USAmeriBancorp Inc. in Clearwater, Fla., is planning to acquire the remaining stake in an Alabama bank that it does not already own.
The parent of the $1 billion-asset USAmeriBank owns a 62% stake in Aliant Bank in Birmingham and said Friday that it is seeking approval from its regulators to buy the remaining 38%. Under terms of the deal, the $961 million-asset Aliant would retain its name, its headquarters and its management team and several of Aliant's officers and directors, including Chairman John Russell, will join the holding company's board of directors.
The deal is expected to be completed later this year. The companies did not disclose a sale price.
Founded in 2007, USAmeriBancorp bought a 47% stake in 2009 and became the majority owner last year. Since then, the banks have merged their back-office, mortgage and other operations.
The two banks combined have 23 branches in Alabama and Florida.