Fort Payne-based FBDC Financial Corp., parent of First Fidelity Bank, will merge with and into Talladega-based FirstBanc of Alabama Inc., parent of First Bank of Alabama.
FirstBanc of Alabama will pay $20.5 million in the aggregate or $52.56 per FBDC share, with 60% of the purchase price paid in FirstBanc of Alabama common stock and 40% in cash.
Legacy FirstBanc of Alabama shareholders will own approximately 90% of the combined company, and legacy FBDC shareholders will own the remaining 10%.
“We could not be more excited to partner with First Fidelity Bank. This combination furthers our goal of being a strong, vibrant community bank in the state of Alabama and expands our footprint in East Central Alabama,” said Chad Jones, president and CEO of First Bank of Alabama.
After adding First Fidelity Bank’s Fort Payne, Ider, Rainsville and Mentone locations, First Bank of Alabama will have approximately $1.3 billion in assets and operate 18 full-service locations across Alabama.
“We have a 60-year history of serving our communities in DeKalb County and surrounding areas and know that our partnership with First Bank of Alabama will continue that legacy of service. We believe this transaction will be beneficial to our shareholders, employees and customers,” said Steve Eberhart, president and CEO of First Fidelity Bank.
The transaction has been unanimously approved by the board of directors of both institutions, but remains subject to customary conditions, including the approval of FBDC’s shareholders and the receipt of required regulatory approvals. The transaction is expected to close no later than second quarter of 2026.
First Bank of Alabama was formed in 1848 and currently operates offices in Talladega, Wedowee, Sylacauga, Oxford, Ranburne, Lincoln, Roanoke, Munford, Heflin, Clanton, Woodland, Ashland, Anniston, Childersburg and Jacksonville.
