Georgia Credit Union Plans Second Bank Buy

The $2 billion LGE Community Credit Union in Atlanta said Friday it signed a definitive agreement to purchase the $321 million Greater Community Bank in Rome, Ga.

Not disclosed were the financial terms of the deal, which is expected to close during the third quarter of 2023 if approved by regulators and bank shareholders.

Specializing in commercial lending, Greater Community Bank ended the third quarter with $3.5 million in net income, $287 million in deposits and $30.5 million in total equity, according to the bank’s Call Report filed with the FDIC.

Founded in 1996, Greater Community Bank’s 52 employees run two branch offices in Rome, one branch office in Calhoun and one branch office in Cartersville.

“LGE Community Credit Union and Greater Community Bank coming together will deepen the commitment to consumers and businesses in these communities,” LGE Community President/CEO Chris Leggett said in a prepared statement. “We look forward to continuing to serve the customers of Greater Community Bank. As a member- owned, not-for-profit cooperative, we are dedicated to improving the financial well-being of our members by delivering value through better rates and lower fees, convenience, caring service and sound financial management.”

This would be LGE Community’s second bank acquisition. In September 2018, the credit union finalized its purchase of the $94.7 million Georgia Heritage Bank in Dallas, becoming the second credit union in the state’s history to acquire a bank, according to LGE Community.

The LGE Community-Greater Community Bank deal is the 14th credit union bank buy agreement to be reported in 2022. In 2021, there were 13 credit union bank purchase deals.