United Bancorporation of Alabama, Inc. (OTCPK:UBAB) signed a definitive agreement to acquire Town-Country National Bank for $28.5 million on March 16, 2021. The terms of the $28.5 million transaction requires TCNB to pay shareholders a special pre-close dividend of $10.7 million. United Bancorporation will pay the remaining $17.8 million or $237.33 per share in cash. TCNB will rebrand as Town-Country United Bank and operate as a separate banking subsidiary under UBAB. TCNB had approximately $126.2 million in total assets as of December 31, 2020. TCNB will rebrand as Town-Country United Bank and operate as a separate subsidiary under United Bancorporation. The transaction is subject to customary closing conditions including the approval of TCNB shareholders and the receipt of all necessary regulatory approvals and is expected to be completed in early third quarter 2021. Janney Montgomery Scott LLC served as the financial advisor to United Bancorporation of Alabama, Inc. and delivered a fairness opinion to the Board of Directors of United. Maynard Cooper & Gale was the legal advisor to United Bancorporation of Alabama, Inc. Olsen Palmer LLC served as the financial advisor and Compton Jones Dresher was the legal advisor to Town-Country National Bank. United Bancorporation of Alabama, Inc. (OTCPK:UBAB) completed the acquisition of Town-Country National Bank on July 27, 2021. As per closing, Town-Country National Bank will operate independently from United Bank and the addition of Town-Country National Bank will take United Bancorporation's assets to over $1.1 billion.