United Bancorp. of Alabama in Atmore has agreed to buy Town-Country National Bank in Camden, Ala.
The $994 million-asset United said in a press release Tuesday that it will pay $28.5 million in cash for the $126 million-asset Town-Country, with a portion of the consideration paid as a special dividend before the deal is completed.
The deal is expected to close early in the third quarter.
Town-Country will rebrand as Town-Country United Bank and operate as a United subsidiary.
"The Town-Country franchise is complementary to our Alabama footprint, adding an adjacent market presence,” Robert Jones III, United’s president and CEO, said in the release. "Town-Country shares a similar culture to us and their talented team will strengthen our market position and product capabilities."
Janney Montgomery Scott and Maynard Cooper & Gale advised United. Olsen Palmer and Compton Jones Dresher advised Town-Country.
