Business Briefs

While Mobile County deposits in Regions Bank, the area's largest, grew by 4.3 percent last year, figures released earlier this week by the Birmingham-based bank show that growth was the fourth-slowest among Regions' 25 largest markets.

Regions' overall deposits grew by $7.5 billion, up 8.7 percent. The company said it opened 762,000 new accounts this year, with an advertising emphasis on savings that may match the mindset of consumers trying to pay down debts.

Regions Bank, which has a commanding

37.8 percent of deposits in Mobile County, grew the amount of money in the bank to $2.16 billion. That's the 10th-largest market for the bank, down two spots from eighth-largest in 2008. Mobile, whose Merchants National Bank merged to create the statewide bank that became Regions, has long held an outsized place in the bank's 16-state territory.

While Regions has opened new branches in Mobile to seek new deposits, outside competitors have swarmed into the market.

Regions' deposits grew fastest in the Atlanta metro area, up 49 percent to $3.38 billion, thanks in part to two banks Regions acquired from the Federal Deposit Insurance Corp. Jackson, Miss., where deposits grew 14.6 percent to $2.40 billion, also rose above Mobile.

Two regional firms win federal contracts

Mary Ann Sinde of Mobile has won a $116,850 federal contract from the U.S. Naval Supply Systems Command, Philadelphia, for input module seals.

Land Shaper Inc. of Gulfport has won a $150,000 federal contract from the U.S. Naval Supply Systems Command, Jacksonville, Fla., for the delivery of hot mix asphalt.

Purchase of Selma's Bush Hog completed

Alamo Group (NYSE: ALG) of Seguin, Texas, has completed its previously announced purchase of Selma-based Bush Hog LLC, paying with 1.7 million shares of stock worth $27.4 million on Oct. 22, when the deal closed.

Alamo assumed some Bush Hog liabilities as part of the purchase. Bush Hog had revenue of $160 million in 2008, but sales this year are expected to fall to $110 million. Alamo said Bush Hog is expected to add to profits in 2010.

Bush Hog, which has 375 Selma employees after layoffs earlier this year, had been owned by CC Industries of Chicago. The maker of rotary cutters, high-end lawnmowers, front-end loaders and other agricultural mowers was put up for sale earlier this year.

Privately-held CC Industries will now get to name an Alamo board member.

Alamo makes and sells tractor-mounted mowers, as well as street sweepers, snow removal equipment, pothole patchers, excavators and vacuum trucks. It said the combination with Bush Hog creates the largest maker of agricultural mowers in the world.

— From staff reports