The $2.2 billion Georgia's Own Credit Union expects to become the first state-chartered cooperative in the Peach State to buy a state-chartered bank by the second quarter of 2018.
The Atlanta-based credit union said it inked a definitive agreement to purchase the $90 million State Bank of Georgia in Fayetteville, which serves about 4,600 customers and operates one branch. Financial terms of the asset purchase agreement were not released.
SBG opened for business in November 2007 and currently manages $72.7 million in deposits. It reported a net income of $502,000 and an ROA of 2.43%, at the end of the second quarter, according to the FDIC. The bank was ranked No. 2 in asset quality by the 2017 third quarter Bank Street Partners report.
Georgia's Own is the third largest cooperative in the state by assets and the second largest by members. The 83-year-old credit union serves 188,015 members and operates 23 branches.
In addition to Fayetteville, the SBG's markets include Peachtree City and Tyrone, and counties contiguous to Fayetteville County. The asset purchase agreement, which was approved by the board of directors of each institution, must meet regulatory requirements and approvals, an affirmative vote from the SBG's shareholders and other customary closing conditions.
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