The systems conversion is planned for July 2021.
Acquisition of the Sylacauga-based SouthFirst gives First Bank a presence in Clanton and Chilton County.
Based on 2019 figures, First Bank of Alabama ranked No. 20 among Alabama banks with $578 million in assets on the Business Alabama bank rankings list, while SouthFirst ranked No. 95 with $76.9 million in assets.
“We are excited to partner with the SouthFirst team. This combination will expand our presence in Talladega County, and in particular give us a physical location in the southern end of the county, while also allowing us to enter the Clanton and Chilton County market,” said First Bank President and CEO Chad Jones.
First Bank of Alabama was advised in the transaction by Olsen Palmer LLC as financial adviser and Jones Walker LLP as legal counsel.