United Bancorporation of Alabama Inc., based in Atmore, announced today that it is acquiring Town-Country National Bank, based in Camden. TCNB will now operate as Town-Country United Bank.
Shareholders of TCNB, which held $126.2 million in assets as of the close of 2020, will receive $28.5 million, in part as a special dividend.
“The Town-Country franchise is complementary to our Alabama footprint, adding an adjacent market presence in Camden, Alabama, where we are excited to introduce the United brand,” said Robert R. Jones III, CEO, president and director of UBAB. “Town-Country shares a similar culture to us and their talented team will strengthen our market position and product capabilities.”
“We could not be more excited to partner with UBAB. TCNB and UBAB are two true community banks with strong ties to the state of Alabama,” remarked Hal Huggins, president and CEO of TCNB, which was founded in 1978 and serves Wilcox County.
TCNB chairman Haas Strother added that he sees the deal as a win “for all parties involved, including our shareholders, customers, employees and the communities we represent.
In addition to its Atmore base, the 116-year-old United Bank has offices in East Brewton, Brewton, Flomaton, Monroeville, Frisco City, Bay Minette, Daphne, Foley, Lillian, Loxley, Magnolia Springs, Semmes, Silverhill, Spanish Fort and Summerdale in Alabama, plus Jay, Milton and Pace in Florida.
The deal is subject to regulatory approvals.
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