Financial Services Acquisitions in Alabama

Simplicity Group, a holistic financial planning firm headquartered in Summit, New Jersey, has acquired LeSourd Partners, a Birmingham, Alabama-based brokerage general agency. The deal expands Simplicity’s national footprint and strengthens its life insurance and advisor support capabilities while bringing Jake LeSourd, Diane Covin, and Kim Roberts into Simplicity as partners.

Australian fintech InDebted has acquired Hoover, Alabama-based collections agency AmSher Collection Services to accelerate its North American expansion and deepen capabilities in the telecommunications and cable verticals. AmSher’s team, including President Seth DeForest, will be integrated into InDebted to enhance its AI-led, consumer-centric collections offering with a phased integration and no immediate changes for clients.

FB Financial Corporation (parent of FirstBank) completed its merger with Southern States Bancshares, Inc., with Southern States shareholders receiving 0.800 shares of FB Financial common stock per share. The transaction implies an approximate equity value of $368.4 million and expands FB Financial's footprint into Alabama and Georgia; Southern States reported $2.9 billion in total assets as of March 31, 2025.

Cetera Financial Group completed an asset acquisition of Concourse Financial Group Securities, Inc. (CFGS), a subsidiary of Protective Life Corporation. Approximately 350 financial professionals and more than $12 billion in assets under administration ($4 billion AUM) transitioned to Cetera Wealth Partners as part of Protective's divestiture to focus on its core insurance business.

United Bancorporation of Alabama, Inc. repurchased all 197,717 shares of its common stock held by its 401(k) Employee Stock Ownership Plan (KSOP) at $54.25 per share, for an aggregate purchase price of approximately $10.7 million. The transaction was negotiated between United and the KSOP Trustee, included fiduciary/financial guidance and an independent appraisal, and closed on November 15, 2024.

Simplicity Group Holdings, Inc. has acquired Concourse Financial Group Agency (CFGA), a brokerage general agency formerly First Protective, from Protective Life Corporation. CFGA will be merged into Simplicity and remain led by key managers and sales professionals while gaining access to Simplicity's sales, marketing and employee-ownership programs; financial terms were not disclosed.

SouthPoint Bancshares, Inc. completed a strategic merger with Merchants Financial Services, Inc., with SouthPoint as the surviving entity. Merchants Bank of Alabama was merged into SouthPoint Bank as a division, creating a combined organization with over $1.0 billion in assets, approximately $0.9 billion in deposits and 10 branches, extending SouthPoint’s franchise along the I‑65 corridor into Cullman, Hanceville and Arab, Alabama.

United Bancorporation of Alabama, Inc. (United Bank) signed a definitive agreement to acquire Town-Country National Bank, a Camden, Alabama community bank with approximately $126.2 million in assets, for aggregate cash consideration of $28.5 million. Town-Country will rebrand as Town-Country United Bank and operate as a separate banking subsidiary; TCNB shareholders will receive cash consideration (with a portion paid as a special dividend) and the deal is expected to close in early Q3 2021 subject to shareholder and regulatory approvals.

Investar Holding Corporation entered into a definitive agreement to acquire Cheaha Financial Group, Inc. and its wholly-owned subsidiary Cheaha Bank for $80.00 per share, valuing the transaction at approximately $41.1 million. The deal, which expands Investar's footprint into eastern Alabama (Oxford) and bolsters its deposit base, is expected to close in early Q2 2021 subject to regulatory and shareholder approvals.

Hub International Limited acquired the assets of Shields Insurance Agency, an independently owned insurance agency with locations in Birmingham and Mobile, Alabama. Bry Shields, CEO of Shields Insurance Agency, will join Hub Gulf South as part of the transaction; terms were not disclosed.