TUSCALOOSA, Ala.–Alabama One Credit Union has announced plans to buy the $82-million First Bank of Linden.
According to BankingDive.com, terms of the deal were not released, saying only that it is an all-cash price.
Alabama One CEO Bill Wells told the publication the motivation for the deal was geographical, expanding the credit union's footprint in western Alabama, which the credit union sees as important.
The deal is expected to close by June 2021.
"We are excited about joining the Alabama ONE family as its culture and commitment to local communities are very similar to our own," Ann Scott Yelverton, First Bank of Linden's chairman, president and CEO, said, according to the West Alabama Watchman. "This combination is an attractive fit for our bank, offering a comprehensive set of products and services to our customers and an expanded geographic diversification."
Earlier this year, Alabama One also merged in Alabama Rural Electric Credit Union
The $717-million Alabama One has approximately 64,000 members.