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The proposed acquisition of the $114 million SunSouth Bank in Dothan, Ala., by the $2.9 billion All In Credit Union Daleville, Ala., is expected to close during the first quarter of 2024.
Financial terms of the all-cash purchase and assumption transaction were not disclosed, according to the credit union's prepared statement.
Founded in 1954, SunSouth Bank is a full-service community bank that operates two branches and manages $93.8 million in deposits and more than $8 million in equity capital. The bank posted a net income of $79,000 at the end of the first quarter, according to its FDIC Call Report.
"We are delighted to combine these two institutions. Southeastern Alabama is our home base, and we are excited to expand our presence in this part of our footprint," All In President/CEO Bobby Michael said in a prepared statement. "We look forward to welcoming SunSouth's employees and customers to the All In family."
If the transaction is approved by regulators and shareholders, the credit union will manage $3 billion in assets and operate 33 locations across southern Alabama, southeast Mississippi and the Florida panhandle.
This year there have been four credit union-bank purchase deals announced. By the end of last year, 16 credit union-bank acquisition agreements were announced.
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Peter Strozniak
Credit Union Times reporter covering credit union operations, fraud, M&As, leagues, business continuity, and breaking news.
