Talladega, AL – October 28, 2020 – FirstBanc of Alabama, Inc. of Talladega, AL, parent company of First Bank of Alabama, and SouthFirst Bancshares, Inc. of Sylacauga, AL, parent company of SouthFirst Bank, announced today the signing of a definitive agreement whereby FirstBanc will acquire 100% of the stock of SouthFirst Bank. FirstBanc will pay all-cash consideration to SouthFirst Bancshares, Inc. as the sole shareholder of SouthFirst Bank; other financial terms were not disclosed. SouthFirst Bank will be merged with and into First Bank of Alabama as part of the transaction.

The transaction has been unanimously approved by the Board of Directors of both institutions but remains subject to customary conditions, including the approval of SouthFirst Bancshares, Inc.’s shareholders and the receipt of required regulatory approvals. The transaction is expected to close no later than the second quarter of 2021

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