Robins Financial Credit Union Plans to Buy Persons Banking Company
The second Georgia credit union-bank purchase deal of 2022 is expected to close during the fourth quarter.
The $3.8 billion Robins Financial Credit Union in Warner Robins, Ga., said Monday it signed a definitive agreement to buy the $429 million Persons Banking Company in Forsyth, Ga.
Financial terms of this year’s second credit union-bank purchase were not disclosed.
Person Banking Company’s 73 employees operate five branches that manage deposits of more than $406 million, serving approximately 20,000 customers.
The state-chartered bank, which specializes in commercial banking, posted $1.8 million in net income last year, up from $1.6 million in net income at the end of 2020, according to its FDIC Call Reports.
Persons Banking Company, formerly the Farmers Bank, was formed in February 2015 following its merger with the Peoples Bank, Bank of Perry and Spivey State Bank.
“We have a strategic commitment to bring the benefits of credit union membership to more people, while reinforcing our position as a strong and reliable financial institution,” Robins Financial Credit Union President/CEO Christina O’Brien said in a prepared statement. “The addition of Persons Banking Company will allow us to expand our footprint and ensure that we are able to make a community impact as we live out our mission to be member focused, financial partners and community proud.”
The bank acquisition will provide the credit union with the ability to offer expanded products and services, specifically a full suite of commercial services from commercial loans, to enhanced commercial deposit products, as well as more financial assets and combined technology, Robins Financial said in its prepared statement.
If the proposed acquisition receives approvals from state and federal regulators and Persons Banking Company shareholders, it will increase Robins Financial’s assets to more than $4.3 billion and expand its membership from 239,874 to nearly 260,000. The deal is expected to close during the fourth quarter.
The first credit union-bank purchase agreement for 2022 was announced on Feb. 21 when the $3.4 billion Georgia’s Own Credit Union in Atlanta said it plans to purchase the $685 million Vinings Bank in Smyrna, Ga.