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The $1.1 billion Avadian Credit Union in Hoover, Ala., said it expects to close an all-cash deal to acquire the $85.4 million Citizens State Bank in Vernon, Ala., by the third quarter of 2022 pending regulatory approvals.
Financial terms of the purchase and assumption transactions were not disclosed.
This acquisition represented the industry's 13th credit union-bank buy agreement in 2021, and it is Avadian's second bank purchase. In 2015, the credit union bought American Bank in Huntsville, Ala.
Founded in 1977, CSB's 16 employees operate two branches in Lamar County. The bank manages capital of $11.3 million and posted an ROA of 0.91% at the end of the third quarter, according to the FDIC.
Avadian President/CEO Linda Cencula said in a Dec. 16 prepared statement that "this transaction will also expand our presence in Alabama as we move into the western part of the state."
If the deal is finalized, Avadian will have total assets of approximately $1.2 billion and 19 locations across Alabama.
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