The $317 million Five Star Credit Union in Dothan, Ala., signed an agreement Wednesday to purchase the $47 million Farmers State Bank in Lumpkin, Ga., the cooperative's second bank purchase in less than a year.
Though Five Star CU would not disclose financial terms of the deal, its President/CEO Bob Steensma, said "we got a nice deal on it" because Farmers State Bank was facing financial challenges and had been up for sale for a while.
In May 2014, federal regulators approved Five Star's first bank acquisition of the $21 million Flint River National Bank in Camilla, Ga.
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