The $1.4 billion Robins Federal Credit Union has grown its central Georgia footprint by $15 million this month with the purchase of the assets and accounts of two branches being spun off by the $465 million Park Community FCU of Louisville.
The Kentucky CU said its Macon, Ga. facilities, acquired years ago in a merger of the old B&W CU, whose sponsor was the Brown & Williamson tobacco firm, no longer fit into the CU's strategic business plan.
“We felt our future growth lies in metro Louisville,” said James Spradlin, the new president/CEO of Park Community who at year-end succeeded the retiring CEO, David Eib. Spradlin previously was executive vice president.
Park Community, originally formed to serve General Electric Co. employees, draws its name from the GE Appliance Park in Louisville.
For its part, Robins FCU of Warner Robins, Ga. acknowledged Park Community's selection “of us as their partner for their branches” with the transaction made effective April 1 following six months of negotiations. Terms were not disclosed.
One of the Macon branches has now been closed since it was located near an existing Robins branch. Both CUs have been healthy with Robins' CEO John Rhea noting its profit mark of last year with ROA of 1.52% last year and 1.92% in 2011.
“We've been very fortunate in avoiding some of the problems elsewhere in the country,” said Rhea, whose CU now has 19 branches and 132,000 members.
Park Community said it remains committed to fostering growth through its branch network in Louisville, the city's southern Indiana suburbs and in Decatur, Ala.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
