Credit Unions in Georgia & Iowa Finalize Bank Acquisitions

Credit unions in Georgia and Iowa said they recently closed on their bank acquisitions.

The $2 billion LGE Community Credit Union in Atlanta on Monday finalized its acquisition of the $354 million Greater Community Bank on Sept. 29. The bank purchase agreement was initially announced last December.

Specializing in commercial lending, Greater Community Bank ended the second quarter with $227 million in loans, $279 million in deposits and $31.9 million in total equity, according to the bank’s second quarter financial reports filed with the FDIC. Founded in 1996, Greater Community Bank’s 47 employees run two branch offices in Rome, one branch office in Calhoun and one branch office in Cartersville, Ga.

Greater Community Bank is now GCB, A Division of LGE Community Credit Union, according to LGE’s prepared statement.

Rodney Grizzle, LGE’s chief lending officer, has been name GCB’s president.

With more than 40 years of experience, Grizzle launched his career in the banking industry as a teller, working his way up through the ranks and serving in key leadership roles for community banks before joining LGE in 2013, the credit union said.

The acquisition expanded LGE’s commercial portfolio and geographical footprint in the northwest Georgia region, while also offering a greater variety of products, services and locations to GCB’s customers.

The credit union’s 297 employees operate 15 locations listed on its website and serve nearly 124,000 members.

The $6.9 billion Veridian Credit Union in Waterloo, Iowa said on Sept. 25 that it finalized the acquisition of $120 million American Investors Bank and Mortgage in Eden Prairie, Minn., on Aug. 22, after securing shareholder and regulatory approvals.

The bank purchase agreement was initially announced last December.

The bank’s 14 employees managed $76.9 million in deposits, $106 million in loans and $10.7 million in capital, according to its second quarter financial reports filed with the FDIC.

The acquisition marked Veridian’s entry into the state of Minnesota, expanding the credit union’s field of membership to include eight counties surrounding the Twin Cities, including Anoka, Carver, Dakota, Hennepin, Ramsey, Scott, Washington and Wright.

AIBM CEO David Coauette announced his retirement with the transaction’s completion following 21 years of service. After eight years as AIBM’s president, Tom Fleck accepted the position of Veridian’s Twin Cities regional manager. Veridian’s Carina Vandenakker will report to Fleck as branch manager for the Eden Prairie branch, the sole office previously operated by AIBM, the credit union said in a prepared statement.

“We’re excited to welcome the employees and clients of AIBM to Veridian and eager to become a part of the Eden Prairie community,” Veridian President/CEO Renee Christoffer said. “Combining our resources will create greater access and opportunity for AIBM clients and Veridian members alike. The future we share is bright.”

The credit union’s 986 employees operate 34 branches listed on its website and serve more than 325,000 members.