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.
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