Credit Unions in Three States Move Ahead With Bank Acquisition Deals
Alabama ONE and Land of Lincoln finalize bank buy agreements, while shareholders of First Sound Bank OK purchase deal with Harborstone CU.
The $1 billion Alabama ONE Credit Union in Tuscaloosa said it received regulatory approval to purchase the $126 million First Bank of Wadley. The acquisition is expected to close at the end of the year.
The purchase of First Bank and its five branches increases Alabama ONE’s branch network to 25 branches statewide. As a result of this acquisition, Alabama ONE will extend its marketplace footprint in eastern Alabama, serving nearly 4,000 additional members and businesses.
“We are looking forward to the completion of the First Bank acquisition and welcoming the First Bank Team members and customers to our Alabama ONE family,” Alabama ONE President/CEO Bill Wells said in a Nov. 6 prepared statement. “We are eager to deliver our full-service banking solutions to our newest members.”
This is Alabama ONE’s second bank acquisition. In June 2021, the credit union purchased the First Bank of Linden.
In Illinois, the $439 million Land of Lincoln in Decatur announced it completed the acquisition of the $24.9 million Nokomis Savings Bank on Nov. 10, expanding the credit union’s marketplace with 15 branches serving 28 counties throughout Central Illinois.
“We have already received a very warm welcome by the Nokomis community,” LLCU President/CEO Robert Ares said in a prepared statement. “That warm welcome just further confirms that adding the Nokomis branch to the LLCU organization was a smart move. This acquisition will undoubtedly prove successful for LLCU, but more importantly, we are confident that citizens of Nokomis will be very happy with our superior financial products and services, as well as our dedication to community investment.”
Originally organized as Nokomis Building Association on May 8, 1881, the bank served roughly 800 customers.
This is LLCU’s second bank purchase. In July, the credit union finalized its acquisition of Colchester State Bank of Colchester, Ill.
In Washington during a special meeting on Nov. 15, shareholders of the $160 million First Sound Bank in Seattle approved a purchase agreement with the $1.8 billion Harborstone Credit Union in Lakewood, Wash.
In August, the credit union agreed to buy the bank for approximately $22 million in cash.
The transaction, which is anticipated to be completed in the first half of 2024, remains subject to receiving all regulatory approvals and other customary closing conditions, First Sound Bank said in its prepared statement.