United Bancorporation of Alabama (UBAB) is expanding in its home market through the purchase of Town-Country National Bank (TCNB) for $28.5m.
TCNB will be renamed as Town-Country United Bank and serve as a separate banking subsidiary under UBAB upon deal completion in the third quarter of this year.
TCNB chairman Haas Strother calls UBAB a “natural partner” and a “win-win” for shareholders, customers, and employees.
“We appreciate UBAB’s recognition of the deep roots Town-Country National Bank has in our communities,” Strother stated.
Shareholders of TCNB will receive a portion of the deal consideration as a special dividend before deal completion. The transaction awaits shareholder and regulatory nod.
Commenting on the deal, UBAB CEO, president and director Robert Jones III said: “The Town-Country franchise is complementary to our Alabama footprint, adding an adjacent market presence in Camden, AL, where we are excited to introduce the United brand.
“Town-Country shares a similar culture to us and their talented team will strengthen our market position and product capabilities.”