United Bancorporation of Alabama (UBAB) is expanding in its home market through the purchase of Town-Country National Bank (TCNB) for $28.5m.
TCNB will be renamed as Town-Country United Bank and serve as a separate banking subsidiary under UBAB upon deal completion in the third quarter of this year.
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TCNB chairman Haas Strother calls UBAB a “natural partner” and a “win-win” for shareholders, customers, and employees.
“We appreciate UBAB’s recognition of the deep roots Town-Country National Bank has in our communities,” Strother stated.
Shareholders of TCNB will receive a portion of the deal consideration as a special dividend before deal completion. The transaction awaits shareholder and regulatory nod.
Commenting on the deal, UBAB CEO, president and director Robert Jones III said: “The Town-Country franchise is complementary to our Alabama footprint, adding an adjacent market presence in Camden, AL, where we are excited to introduce the United brand.
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By GlobalData“Town-Country shares a similar culture to us and their talented team will strengthen our market position and product capabilities.”
UBAB’s offices are located in Atmore, East Brewton, Brewton, Flomaton, Monroeville, Frisco City, Bay Minette, Daphne, Foley, Lillian, Loxley, Magnolia Springs, Semmes, Silverhill, Spanish Fort, and Summerdale in Alabama. The firm had around $993.9m in assets at the end of last December.
Camden-based TCNB managed around $126.2m in assets at the end of the same period.
Last September, Alabama ONE Credit Union of Tuscaloosa agreed to acquire First Bank of Linden, the banking subsidiary of First Linden Bancshares. The acquisition will increase the credit union’s assets to $825m.
Meanwhile in a separate development last year, Bank OZK signed two separate purchase and assumption deals to sell its two branches in Alabama.
