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Executives with Atlanta Postal Credit Union (APCU) and its community-based subsidiary Center Parc Credit Union, have reached a purchase agreement with Affinity Bank to acquire the bank's assets and liabilities in an all-cash deal which is expected to close sometime in the fourth quarter of 2024 or possibly early in 2025.
The bank purchase agreement, announced Thursday, means the Atlanta-based credit unions will buy the Covington, Ga.-based bank for $146.7 million in cash. The bank has 6.52 million in outstanding shares, so the credit unions have agreed to pay the bank at a cost of $22.50 per share.
According to a statement from APCU ($2.4 billion in assets, 105,508 members) and Center Parc, they will acquire Affinity Bank "purchasing substantially all assets and assuming substantially all liabilities" subject to regulatory and Affinity shareholder approval.
"Following the closing of the transaction, Affinity and Affinity Bank will liquidate, dissolve and distribute their remaining assets to Affinity shareholders," the statement read.
"For nearly 100 years, Affinity Bank has successfully served both small businesses and individuals throughout Atlanta and the entire region," Blake Graham, APCU/Center Parc president/CEO said. "Through this agreement, we look forward to welcoming Affinity Bank's customers as new members and exceeding their expectations in every way as we work to help them financially flourish. We are also excited to enter into this agreement as a way to drive our member-centric growth strategy forward."
The bank, founded in 1928, has 89 employee and operate three branches serving 24,400 customers.
According to Thursday's announcement, "The acquisition will allow APCU/Center Parc to expand their reach throughout Atlanta and surrounding communities, as well as increase their market base and expertise." All Affinity Bank customers will become members of APCU/Center Parc, once the deal is completed.
Affinity President/CEO Edward Cooney said, "During our proud history, Affinity Bank has been committed to serving our clients and local communities. Through a consistent level of superior quality service, our dedicated staff has grown a loyal commercial and retail customer base. We are very excited about joining the APCU/Center Parc team. APCU/Center Parc share our core values, and have demonstrated a similar commitment to their members, employees and the communities they serve."
Upon completion of the acquisition, APCU/Center Parc will operate Affinity Bank's locations in Newton County and Northwest Atlanta.
Thursday's announcement from APCU/Center Parc is the third credit union-bank purchase agreement announced in May.
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
