The spate of Southeast bank failures is providing some extra bargains for credit unions that are able to acquire abandoned bank branches and other property.
Credit unions in Georgia and Florida, in particular, have taken advantage of low priced branch buildings and furnishings posted for sale on the FDIC's online asset sale list of real estate and equipment.
Marshall Boutwell, the new chairman of Georgia Credit Union Affiliates and president/CEO of the $225 million Gwinnett FCU of Lawrenceville, said his credit union a year ago purchased two of the abandoned branches. "And so far it's worked out quite well," he said.
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