TUSCALOOSA, Ala. — Alabama ONE Credit Union here has signed a purchase and assumption agreement to acquire substantially all the assets and liabilities of Peoples Independent Bank, in a deal that would expand the credit union’s footprint in northeast Alabama, according to reporting by Patch.
The agreement marks the third CU/bank deal in less than two weeks. As CUToday.info reported, the $957-million ABNB FCU has agreed to buy two branches of First Bank of Virginia, and the $1.1-billion Family Savings Credit Union has agreed to acquire the Elkmont and Rogersville branches of Citizens Bank & Trust.
The Alabama ONE transaction is expected to close in the third or fourth quarter of 2026 and would create a combined organization with approximately $1.9 billion in assets.
Tuscaloosa-based Alabama ONE Credit Union currently holds roughly $1.4 billion in assets, while Boaz, Ala.-based Peoples Independent Bank reported total assets of more than $476 million as of Dec. 31, 2025, according to Patch. The bank was founded in 1988 and is owned by Peoples Independent Bancshares Inc.
Alabama ONE CEO Whitney Oswalt said the acquisition aligns with the credit union’s strategy to expand in northeastern Alabama following recent growth in the east-central and Wiregrass markets.
“This combination represents a natural extension of our growth strategy and a shared continuing commitment to support and strengthen our local communities,” Oswalt said.
Oswalt added the combined organization would broaden products and services for both Peoples Independent customers and Alabama ONE members in the region, according to Patch. Peoples Independent Bank President and CEO Royce Ogle said the move would provide additional scale and resources, stating that joining Alabama ONE will bring enhanced technology and capacity to continue serving its markets.