FirstBanc of Alabama, the parent company of First Bank of Alabama, announced it has completed its acquisition of FBDC Financial Corporation, the parent company of First Fidelity Bank, following the merger agreement first disclosed in December 2025.
Under the terms of the transaction, FirstBanc of Alabama paid approximately $20.5 million in aggregate consideration, or $52.56 per share of FBDC Financial Corporation. The deal structure consisted of 60% stock and 40% cash.
As part of the transaction, First Fidelity Bank’s President and CEO Steve Eberhart has joined the boards of both FirstBanc of Alabama and First Bank of Alabama and will also serve as a consultant to the bank.
The acquisition adds First Fidelity Bank’s locations in Fort Payne, Ider, and Rainsville, strengthening First Bank of Alabama’s presence in northeast Alabama. Following the integration, the combined institution now operates 18 full-service branches across the state and has approximately $1.3 billion in total assets.
Founded in 1848, First Bank of Alabama is the oldest continuously operating bank in the state and has built a longstanding presence as a community-focused financial institution. The transaction aligns with its strategy to expand regionally while maintaining its community banking model.
Support: Financial advisory services for First Bank of Alabama were provided by Olsen Palmer LLC, with legal counsel from Compton Jones Dresher LLP. First Fidelity Bank was advised by Performance Trust Capital Partners, LLC and Jones Walker LLP.
KEY QUOTE:
“We could not be more excited to partner with First Fidelity Bank. We are especially gratified by the overwhelming engagement from their shareholders, with 97.92% voting on the transaction. This combination furthers our goal of being a strong, vibrant community bank in the state of Alabama and expands our footprint in east Alabama. We look forward to serving First Fidelity’s markets in northeast Alabama and to welcoming its shareholders, employees and customers into the First Bank of Alabama family.”
Chad Jones, President and CEO, First Bank of Alabama
