TUSCALOOSA, Ala. — Alabama ONE Credit Union said it has received regulatory approval to acquire First Bank in Wadley, Ala., which is approximately 150 miles to the east of the CU’s headquarters.
Terms of the deal were not released.
A wholly-owned subsidiary of Peoples Independent Bancshares, Inc. of Boaz, First Bank of Wadley has assets of $130 million, and branches in Wadley, Roanoke, Hollis Crossroads, Goodwater, and Rockford. The acquisition will bring the total number of Alabama One branches to 25.
First Bank of Wadley has approximately 4,000 customers. Alabama One has more than 81,000 members.
The $1-billion Alabama ONE said it is anticipated the deal will close by the end of the year — marking Alabama ONE's second bank acquisition after purchasing First Bank of Linden in 2021.
Other Expansion Plans
“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 CEO Bill Wells said in a statement. "We are eager to deliver our full-service banking solutions to our newest members.”
Alabama One also merged into Brewton Mill FCU and McIntosh Chemical FCU this year.
Along with the purchase of First Bank of Wadley, Alabama ONE also announced plans to expand its presence to Randolph, Coosa, and Cleburne counties in Alabama, along with plans to open another branch in Wedowee in 2024.