First Bank of Alabama Successfully Completes Acquisition of First Fidelity Bank

In a pivotal development for the financial landscape of Alabama, the parent company of First Bank of Alabama, FirstBanc of Alabama, Inc. (FBAI), announced the completion of its acquisition of FBDC Financial Corporation, the parent entity of First Fidelity Bank. This merger was formally agreed upon in December 2025 and marks a significant expansion for the First Bank of Alabama, based in Talladega.

Under the terms outlined in the merger agreement, FBAI has disbursed a total of $20.5 million, which equates to approximately $52.56 per share for First Fidelity Bank's stock. Notably, the deal was structured such that 60% of the purchase was made through the issuance of FBAI's common stock, while the remaining 40% was settled in cash.

The strategic acquisition allows First Bank of Alabama to greatly increase its operational footprint, as it integrates First Fidelity Bank's branches located in Fort Payne, Ider, and Rainsville. With this addition, the total assets managed by First Bank of Alabama now approach an impressive $1.3 billion, alongside an expanded network of 18 full-service bank locations across the state.

Chad Jones, the President and CEO of First Bank of Alabama, expressed his enthusiasm for the merger, stating, "We could not be more excited to partner with First Fidelity Bank. The overwhelming support from their shareholders, with nearly 98% voting in favor of this transaction, underscores the positive outlook surrounding this merger. This combination serves to strengthen our commitment to being a vibrant community bank within Alabama."

In addition to the financial benefits of this merger, the incorporation of First Fidelity Bank's additional customer base is expected to foster greater service offerings for existing clients and newcomers alike. Importantly, Steve Eberhart, the President and CEO of First Fidelity Bank, has transitioned to a consulting role at First Bank of Alabama and will also assume a position on the board of both FBAI and First Bank of Alabama, ensuring continuity in leadership and strategic direction.

The collaboration has drawn advisors from both financial and legal spheres to facilitate a smooth integration. First Bank of Alabama enlisted Olsen Palmer LLC to serve as their financial advisor, while Compton Jones Dresher LLP provided legal counsel. First Fidelity Bank benefited from the insight of Performance Trust Capital Partners, LLC and the legal expertise of Jones Walker LLP.

The merger aligns perfectly with First Bank of Alabama's long-term strategy aimed at enhancing its service capacity while remaining deeply rooted in community engagement. The bank, with a rich history dating back to its formation in 1848, prides itself on being the oldest continuously operating bank in Alabama. Prior to this merger, it offered services at locations in towns such as Talladega, Wedowee, and Oxford, among others.

With the newly consolidated resources and network, First Bank of Alabama is poised for accelerated growth in the years to come. The goal is not only to extend banking services to new regions but also to reinforce its reputation as a reliable community bank. As they move forward, both new and existing stakeholders can expect improved services and a broader range of financial solutions tailored to meet the needs of their respective markets.

This merger exemplifies the landscape of community banking and solidifies FBAI's position as a significant player in the financial sector of Alabama. The future appears bright for First Bank of Alabama as they embark on this new chapter.

For more information about First Bank of Alabama, visit www.fbal.bank.