Fintech: Southeast News

Fintech Southeast News curated each weekday for Alabama, Florida, Georgia, Kentucky, Mississippi, North Carolina, South Carolina, and Tennessee

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Posted March 30, 2021

 

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.”

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