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The $642 million Legacy Credit Union in Birmingham, Ala., said Tuesday it plans to acquire the $103 million First Community Bank of Cullman later this year pending regulatory approvals.
Financial terms of the purchase and the assumption definitive agreement were not disclosed.
Founded in 1905, First Community Bank’s 15 employees operate one location and manage $80 million in loans, $79.3 million in deposits and $12.8 million in capital, according to the bank’s fourth quarter financial reports filed with the FDIC. First Community ended last year with $674,000 million in income, compared to $600,000 in income it recorded at the end of 2023.
Serving more than 38,000 members, Legacy’s 116 employees operate nine locations and manage $385 million in loans, $563 million in total shares and deposits, and $73.1 million in equity, according to NCUA financial performance reports for last year’s fourth quarter. The credit union posted income of $7.3 million at the end of last year compared to income of $2.6 million in 2023.
If the deal receives regulatory approval, Legacy will expand its market to Cullen County that has an estimated population of more than 92,000, according to the U.S. Census. The county’s economy includes a large industrial base and robust retail, health care and agricultural sectors.
According to the U.S. Bureau of Economic Analysis, Cullman County’s GDP totaled $3.9 billion last year.
In a prepared statement, the financial institutions noted they have a long history of community-focused service, which led to opportunity to combine resources, making this transaction a natural progression.
“Legacy has been committed to crafting financial solutions for the communities we serve for over 70 years,” Legacy President/CEO Glenn Bryan said in a prepared statement. “Our culture emphasizes excellence, education, energy and empowerment, and we look forward to bringing our approach to financial service to the people of Cullman County. We know that First Community has built a very similar tradition over the last century, so we are excited to work with them as we expand into this new market.”
Billy Faulk, president/CEO of First Community, said he is confident the decision to sign the acquisition agreement with Legacy will benefit the bank’s customers and the community for years to come.
“After decades of service to the Cullman area, the decision was made by our board of directors to seek a partner that could take our service to the next level,” Faulk said in a prepared statement. “We were determined to find a group that held the same philosophy of business that we do, and after an extensive search, we found that in Legacy.”
This is Legacy’s first bank acquisition agreement and the industry’s third credit union-bank purchase deal announced publicly this year.
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Peter Strozniak
Credit Union Times reporter covering credit union operations, fraud, M&As, leagues, business continuity, and breaking news.
