Alabama CU to Expand Market Presence With Purchase of 5 Bank Branches

The $2.9 billion All In Credit Union in Daleville, Ala., said it expects to complete the purchase of five bank branches no later than the third quarter, expanding its market presence throughout Southern Alabama.

Alabama’s third largest credit union said in a Jan. 2 prepared statement that it inked a purchase and assumption agreement to acquire branches of the Louisville, Ala.-based 22nd State Bank in Brewton, Clayton, Eufaula, Geneva and Louisville.

Financial terms of the agreement were not disclosed.

The total deposit and loan balances associated with the five branches amounted to approximately $145 million and $130 million, respectively, as of Oct. 31, according to All In.

22nd State Bank, which currently manages $254 million in total assets and seven branches with 69 employees, posted total deposits of $203 million and total net loans of $186 million, according to the bank’s Uniform Bank Performance Report at the end of last year’s third quarter.

If regulators approve the transaction, 22nd State Bank plans to relocate its charter to Mobile and operate as an independent community bank through its two branches in greater Mobile, according to All In.

“We are excited to acquire these five branch locations from 22nd State Bank,” All In President/CEO Bobby Michael said in a prepared statement. “This move allows us to expand our presence in our home base of south Alabama. We look forward to welcoming those 22nd State Bank employees and customers associated with the branches to the All In family.”

In addition to this pending bank branch deal, All In announced last August plans to acquire the $114 million SunSouth Bank in Dothan and expected the agreement to close during the first quarter.

In 2023, there were 11 credit union-bank acquisition deals announced, down from 16 in 2022 and 13 in 2021.

All In’s 417 employees manage 29 locations throughout southern Alabama, Florida’s panhandle, and Mississippi, serving nearly 174,000 members.