First Bank of Alabama Completes Acquisition of First Fidelity Bank

TALLADEGA, Ala., March 20, 2026 /PRNewswire/ -- Talladega-based FirstBanc of Alabama, Inc. ("FBAI"), parent company of First Bank of Alabama, announced today that it has completed the acquisition of FBDC Financial Corporation ("FBDC"), parent company of First Fidelity Bank. FBAI and FBDC previously announced an agreement to merge on December 10, 2025.

Under terms of the agreement, FBAI paid $20.5 million in the aggregate, or $52.56 per FBDC share, with 60% of the purchase price paid in FBAI common stock and 40% paid in cash. FBDC's President and CEO Steve Eberhart has joined the boards of FBAI and First Bank of Alabama and will be a consultant to First Bank of Alabama.

After adding First Fidelity Bank's locations in Fort Payne, Ider and Rainsville, Alabama, First Bank of Alabama now has total assets of approximately $1.3 billion and operates 18 full-service locations across the state of Alabama.

Chad Jones, President and CEO of First Bank of Alabama, commented, "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."

Olsen Palmer LLC served as First Bank of Alabama's financial advisor while Compton Jones Dresher LLP served as legal advisor. First Fidelity Bank was advised by Performance Trust Capital Partners, LLC as financial advisor and by Jones Walker LLP as legal advisor.

About First Bank of Alabama

First Bank of Alabama, based in Talladega, Alabama, is the banking subsidiary of FirstBanc of Alabama, Inc. and a full-service community bank. Formed in 1848, First Bank of Alabama is the oldest continuously operated bank in the state of Alabama and before the merger operated offices in Talladega, Wedowee, Sylacauga, Oxford, Ranburne, Lincoln, Roanoke, Munford, Heflin, Clanton, Woodland, Ashland, Anniston, Childersburg and Jacksonville, Alabama. For more information, please visit www.fbal.bank.

Cautionary Note Regarding Forward-Looking Statements

This communication may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 related to, among other things, FBAI's strategy, plans, beliefs, goals, intentions, and expectations regarding the proposed transaction; its ability to achieve its financial and other strategic goals; the expected timing of completion of the proposed transaction; the expected cost savings, synergies and other anticipated benefits from the proposed transaction; and other statements that are not historical facts. Forward- looking statements typically contain words such as "anticipate," "believe," "potential," "will," "estimate," "plans," "approximately," "opportunity," "expect," "position," "pro forma," "proposed," "intend" or similar expressions. Forward-looking statements involve certain important risks, uncertainties and other factors, any of which could cause actual results to differ materially from those in such statements. FBAI can give no assurance that any goal or plan or expectation set forth in forward-looking statements can be achieved and readers are cautioned not to place undue reliance on such statements. Forward-looking statements speak only as of the date they are made and are based on information available at the time. Except to the extent required by applicable law or regulation, FBAI does not intend, and assumes no obligation, to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events or circumstances.

Annualized, pro forma, projected, and estimated numbers if used are for illustrative purposes only, are not forecasts and may not reflect actual results. As forward-looking statements involve significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements.

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SOURCE First Bank of Alabama