The $225 million Five Star Credit Union of Dothan, Ala., emerged Friday as the successful bidder for the ailing $38 million Frederica CU of Brunswick, Ga. but what has turned industry heads this week is the high number of potential bidders: 18 .
There was no explanation from the NCUA about the higher than normal number but the president/CEO of Five Star, Robert Steensma, said a positive factor is Frederica's branch presence on St. Simon's Island, a popular southeast Georgia tourist haven.
The CU itself, with 3.29% net worth, has endured a tough financial road and was on an NCUA emergency purchase list, said Steensma.
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.
