Plans to join forces with AmeriFirst Bank
Escambia County Bank in Flomaton will become a branch of AmeriFirst following an announcement by USAL Bancorp, Inc., parent company of AmeriFirst Bank of Montgomery and Escambia County Bank that they had entered an agreement and plan of merger.
The transaction, which has been approved unanimously by each company's board of directors remains subject to customary closing conditions, including the approval of Escambia County Bank's shareholders and the receipt of required regulatory approvals.
J.R. Jones, chairman of Escambia County Bank, said it may take up to nine months for the full integration of the merger, at which time it will become AmeriFirst.
“This was a strategic decision to make sure there will be quality banking services for the community going forward,” Jones said. “I feel good about this opportunity.”
Jim McCutchin, president and CEO of Escambia County Bank, said the same people will be doing the same thing at the bank once it becomes part of AmeriFirst.
In connection with the transaction, Escambia County Bank shareholders will receive cash consideration and will also be issued a one-time special cash dividend prior to closing the deal, subject to adjustments and certain requirements.
Once the merger is complete, AmeriFirst will operate five full service branches with locations in Montgomery, Union Springs, Prattville, Auburn-Opelika and Flomaton.
“Escambia County Bank is an extremely high-quality banking organization with a long history of serving the Tri-Counties area of southwest Alabama and northwest Florida,” said AmeriFirst President and CEO Bob Ramsey. “We are very excited that ECB will be joining our team. AmeriFirst and ECB have a combined total of 200 years of service to our communities and we look forward to continuing that tradition and building on it.”
“We are proud to partner with AmeriFirst as their culture is very similar to our own,” McCutchin said. “We believe the merger is an excellent fit for our customers, team members, shareholders and the communities we serve.”
Jones echoed McCutchin's statement saying “On behalf of the board and shareholders of Escambia County Bank, we could not be more excited to partner with AmeriFirst. We particularly appreciate AmeriFirst's recognition of the deep roots Escambia County Bank has in our communities.”
Escambia County Bank was founded in 1924 with total assets of more than $75 million. For more information about Escambia County Bank,visit http://www.escambiacountybank.com.
USAL Bancorp, Inc. is the holding company for AmeriFirst Bank, a Montgomery based community bank founded in 1916 with total assets in excess of $200 million. For more information on AmeriFirst Bank, visit http://www.amerifirstbank.com.
