Two Alabama banks are set to join forces by the fourth quarter of this year.
Prattville-based River Financial Corp, parent of River Bank & Trust, will acquire Clanton-based PSB Bancshares Inc., parent of Peoples Southern Bank.
As part of the deal, PSB Bancshares will operate as River Bank & Trust. Financial terms of the deal were not disclosed.
This transaction, which will result in a combined institution of more than $1 billion in total assets, is the first merger involving two Alabama banks…
