The $323 million Five Star Credit Union said it expects to finish integrating the operational systems of the $47 million Farmers State Bank by the end of November.
The Dothan, Ala.-based credit union said it completed the acquisition of Farmers State Bank in Lumpkin, Ga. on Nov. 1. It was the cooperative's second bank purchase in the last 18 months.
In May 2014, federal regulators approved Five Star's first bank acquisition of the $21 million Flint River National Bank in Camilla, Ga.
The former Farmers State Bank operated three branches – two in Stewart County and one in Quitman County in rural Southwest Georgia. The branches will remain open.
“It brings credit union services to a new part of southern Georgia that didn't have them before,” Five Star President/CEO Robert Steensma said. “We're excited about that.”'
In addition, the vast majority of the bank's customers are eligible to become credit union members.
Five Star said it expects to welcome about 2,800 new members, bringing its total membership to about 34,000. The credit union's Alabama and Georgia branch network increased from 13 to 16.
Steensma said the bank acquisition will allow Five Star to expand its mission to serve low-income members and the underserved.
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