(PRN) – BancTrust Financial Group, Inc. a bank holding corporation headquartered in Mobile, and The Peoples BancTrust Company, Inc. a bank holding corporation with banking operations in central Alabama, jointly announced they have signed a definitive agreement to merge, forming the fifth largest bank holding company headquartered in Alabama.

The combined company will have almost $2.4 billion in assets, hold nearly $2.0 billion in deposits, and operate 54 branches in both Alabama and Florida.

Combined, the two companies employ approximately 700 people. The combined company will continue to operate under the BancTrust name.

BancTrust Financial Group, Inc. is a bank holding company which has 21 offices in eight counties in the southern half of Alabama (Autauga, Baldwin, Barbour, Escambia, Marengo, Mobile, Monroe and Montgomery) and 10 offices throughout Northwest Florida.

The Peoples BancTrust Company, Inc. is the parent company of The Peoples Bank and Trust Company, which has 23 offices located in 10 Alabama counties (Autauga, Bibb, Butler, Dallas, Elmore, Jefferson, Lee, Montgomery, Shelby and Tuscaloosa) and offers general banking and personal trust services.

See complete story in the Wednesday edition of The Selma Times-Journal.