First Federal of the South, Sylacauga, Ala., has announced the acquisition of Walton Mortgage Inc., Chelsea, Ala., for $100,000 in cash.The thrift institution said the mortgage company's chief executive officer, Dot Walton, and its president, Alana Beaugez, will remain with the company, which has become a division of the thrift's wholly owned subsidiary, SouthFirst Mortgage Inc. It will continue to operate under the name Walton Mortgage. Joe K. McArthur, president and CEO of First Federal, said the acquisition will complement the mortgage banking activities of SouthFirst, located in Birmingham, by adding mortgage origination offices in Huntsville, Montgomery, Cullman, and Alexander City.
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