First Bank of Alabama announced Tuesday evening it has taken the first steps toward acquiring Sylacauga-based SouthFirst Bank.
The companies “announced today the signing of a definitive agreement, whereby First Bank will acquire 100 percent of the stock of SouthFirst Bank,” with the latter being merged into the former as part of the transaction, according to the release.
Our most recent post on SZBI was in July 2020. We noted that it was trading for $1.65 (about a quarter of tangible book value) and the proxy statement disclosed that the golden parachutes for executives were going to be terminated in February 2021.
Some low-quality banks are starting to give up and sell out. We wrote a feature on cheap small banks in Issue 30 in August, and we are going to have even more extensive bank coverage in upcoming Issues of the Oddball Stocks Newsletter.