FirstBanc of Alabama, Inc. (“FBAI”), parent company of First Bank of Alabama, completed its acquisition of FBDC Financial Corp. (“FBDC”), parent company of First Fidelity Bank. FBAI paid $20.5 million in the aggregate, with 60% of the purchase price paid in FBAI stock and 40% paid in cash. Legacy FBAI holders now own approximately 90% of the combined institution and legacy FBDC shareholders now own roughly 10%. Following the completion of the transaction, FBDC’s CEO Steve Eberhart has joined the boards of FBAI and First Bank of Alabama.
Olsen Palmer LLC served as financial advisor and issued a fairness opinion to FirstBanc of Alabama, Inc.
After adding First Fidelity’s 3 locations, First Bank of Alabama now has total assets of approximately $1.3 billion and operates 18 full-service locations.
Olsen Palmer is the #1 sell-side bank M&A advisor nationwide and one of the top 3 overall (sell-side + buy-side) based on 2025 transaction count, according to S&P Global.