Market Overview

Peoples Bank of Alabama to Open New Branch in Plaza Building

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Peoples Bank of Alabama is pleased to announce its continued expansion
in Jefferson County with their move to the financial corner of
Birmingham's CBD.

This press release features multimedia. View the full release here:
https://www.businesswire.com/news/home/20180803005050/en/

Peoples Bank of Alabama recently signed a long-term lease at The Plaza
building located at 417 20th St. North, once home to Regions Financial
Corporation, occupying nearly 7,000 sf on both the ground and 8th
floors. The space provides further capacity for full-service branch
operations and administrative offices.

James Barnett, Jefferson County Regional Market Executive at Peoples
Bank of Alabama, said, "Expansion into The Plaza represents our
continued commitment to this market and positions us to better serve our
clients." In addition to the new branch location, the bank also plans to
relocate its Credit team and GCap Financing group, the latter of which
oversees its government guaranteed lending programs, to the Plaza
Building. The bank will continue to operate its full-service locations
in International Park (Hoover), Warrior, and Gardendale.

The deal was completed by Michigan-based landlord, West Second Street
Associates. Tenant buildout has begun and is expected to be completed by
this coming fall with bank operations commencing by 1Q19.

The lease is another step in a positive direction for downtown's
commercial real estate scene, as brokers have said luring more employees
downtown is critical to the future of the city center.

Casey Howard, Vice President/Associate Broker with Harbert Realty
Services ("HRS"), said that she and West Harris, Executive Vice
President at HRS, recently represented the landlord in a deal to bring
Peoples Bank of Alabama to The Plaza, while Dan Lovell and Eric Getty
with Graham & Company represented the tenant. Howard stated, "This
announcement is a huge win for not only Peoples Bank and WSSA, but for
the City of Birmingham, REV Birmingham and all the people/entities that
came together to make this deal a reality. It took a lot of teamwork to
put this one together, but these are the accomplishments, as a broker,
in your career, that are amazingly rewarding… to see a growing business
like Peoples Bank of Alabama, land in the perfect spot in The Plaza in
CBD to continue that growth and help contribute to the ever-growing
economic momentum for our great City." Harbert Realty took over leasing
of the 18-story, 218,000-square-foot Class A office building earlier
this year.

Jeff Webb with WSSA stated, "We are thrilled to have Peoples Bank choose
our property for their continued expansion and are excited to provide a
long-term home for the bank – we are confident they will be a fantastic
fit with our tenant mix and will succeed in this new location at The
Plaza. Our ownership and management team have been spending substantial
capital dollars and time in the past several months updating the asset
and pursuing tenants and the results are really paying off."

This deal also adds to the list of other recent leases executed at The
Plaza in the past 8 months by the Internal Revenue Service/U.S. General
Services Administration, Spin Drycleaners, and multiple expansions for
Viva Health.

Headquartered in Cullman, AL, Peoples Bank of Alabama has been serving
customers throughout North and Central AL since 1977. For information on
the bank, its services, and how it delivers Big Bank Capabilities
with Local Roots
, visit peoplesbankal.com
or call 877.788.0288. Member FDIC and an Equal Housing Lender.

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