Source: Shutterstock.
The $3.4 billion Georgia's Own Credit Union in Atlanta stated Monday it plans to purchase the $685 million Vinings Bank in Smyrna, Ga.
Financial terms were not disclosed for 2022's first credit union-bank acquisition. This is Georgia's Own second bank purchase since 2018, when it completed a deal to buy the $90 million State Bank of Georgia in Fayetteville.
Established in 2007, Vinings Bank specializes in commercial lending with 47 employees who operate branches in Smyrna and Alpharetta.
Managing $631 million in deposits, the bank posted a net income of $12.5 million and capital of $48.6 million at the end of 2021, according to its financial results filed with the FDIC.
In January, Vinings' board of directors declared a special cash dividend of $1 per share and a Q1 cash dividend of 30 cents per share that was paid on Feb. 7, according to the bank's website.
If approved by regulators, the deal will add $471 million in assets to Georgia's Own, increasing its assets to nearly $3.9 billion, according to a prepared statement.
The credit union said it will retain the bank's employees.
"We are committed to making this venture a positive one for everyone involved," Georgia's Own President/CEO Dave Preter said in a prepared statement. "Through this alliance, we feel confident that we can deliver added value and exceptional products and services to our members and the community."
The credit union said it expects the deal to close on Oct. 1.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
