FirstBanc of Alabama, Inc. signed a definitive agreement to acquire SouthFirst Bancshares Inc. (OTCPK:SZBI) on October 27, 2020. FirstBanc will pay all-cash consideration to SouthFirst Bancshares as a result of this transaction. Upon closing, SouthFirst Bank will be merged with and into First Bank of Alabama as part of the transaction. The transaction is subject to customary conditions, including the approval of SouthFirst Bancshares’s shareholders and the receipt of required regulatory approvals. The transaction has been unanimously approved by the Board of Directors of both institutions and expected to close no later than the second quarter of 2021. Olsen Palmer LLC served as First Bank of Alabama’s financial advisor while Jones Walker LLP served as legal advisor. SouthFirst Bank was served by National Capital, L.L.C. as financial advisor and by Reynolds, Reynolds & Little, LLC as legal advisor.