AP NEWS

Mississippi bank to grow past $1B as it buys Alabama bank

November 17, 2018

COLUMBUS, Miss. (AP) — A Mississippi bank’s assets will grow to more than $1 billion as it buys an Alabama bank.

BankFirst Capital Corp. of Columbus announced this week that it was buying FNB Bancshares of Central Alabama, based in Tuscaloosa.

Chief Financial Officer Luke Yeatman declines to say how much BankFirst is paying or whether the price is paid in stock, cash or a combination. He notes both banks are privately held.

FNB of Central Alabama has $273 million in assets and five offices in the western part of the state. The combined bank will have more than $1.2 billion in assets and 22 offices in Mississippi and Alabama.

The Mississippi bank says it expects to complete the purchase before the end of March, pending approval by FNB Banchares’ shareholders and regulators.

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