Special to Atmore News
United Bancorporation of Alabama, Inc. (“UBAB”) announced last week that it has signed a definitive agreement to acquire Town-Country National Bank (“TCNB”), a Camden, Ala. based community bank with approximately $126.2 million in total assets as of December 31, 2020.
TCNB shareholders will receive aggregate cash consideration of $28.5 million, with a portion of the consideration paid as a special dividend prior to the close of the transaction. TCNB will rebrand as Town-Country United Bank and operate as a separate banking subsidiary under UBAB.
“The Town-Country franchise is complementary to our Alabama footprint, adding an adjacent market presence in Camden, Alabama, where we are excited to introduce the United brand,” said Robert R. Jones III, CEO, President and Director of UBAB. “Town-Country shares a similar culture to us and their talented team will strengthen our market position and product capabilities.”
“We could not be more excited to partner with UBAB,” said Hal Huggins, TCNB President and CEO. “TCNB and UBAB are two true community banks with strong ties to the state of Alabama,”
“On behalf of the Board and shareholders of Town-Country National Bank, we view UBAB as a natural partner,” said Haas Strother, Chairman of TCNB. ” I believe that this will be a win-win for all parties involved, including our shareholders, customers, employees and the communities we represent. We appreciate UBAB’s recognition of the deep roots Town-Country National Bank has in our communities.”
The acquisition, which is subject to customary closing conditions including the approval of TCNB shareholders and the receipt of all necessary regulatory approvals, is expected to be completed in early third quarter 2021.
Janney Montgomery Scott LLC served as the financial advisor to United Bancorporation of Alabama, Inc. and delivered a fairness opinion to the Board of Directors of United. Maynard Cooper & Gale was the legal advisor to United Bancorporation of Alabama, Inc. Olsen Palmer LLC served as the financial advisor to Town-Country National Bank. Compton Jones Dresher was the legal advisor to Town-Country National Bank.