BANKING & FINANCE - Sept. 14, 1993
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Alabama’s Amsouth Acquiring Florida Bank: Amsouth Bancorp said it agreed to buy Fortune Bancorp Inc. of Clearwater, Fla., in a deal worth about $285 million in stock and cash. Birmingham-based Amsouth said it will issue about 4,482,000 common shares and pay about $142.5 million in cash, with about half of Fortune’s shares being swapped for stock and the rest exchanged for cash. Under the agreement, Fortune shareholders may elect to receive either cash or Amsouth common stock, it said. The acquisition is expected to be completed by mid-1994.
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