TUSCALOOSA, Ala.–Alabama One Credit Union has announced plans to to acquire most of the assets and assumes most of the liabilities of First Bank in Wadley, Ala.
Alabama One has approximately $1.1-billion in assets; First Bank’s has approximately $130.4 million. Full financial details of the planned deal were not revealed, according to a statement.
The deal will add five branches to Alabama One’s network of 18 branches. The bank is approximately 150 miles east of the credit union’s headquarters.
According to the statement, the deal is slated to close in the second quarter next year. It will be structured as a purchase and assumption transaction, and consideration will be all-cash. The deal awaits regulatory approval.
Peoples Independent Bancshares Inc. is First Bank’s parent company, which Olsen Palmer LLC advised for the deal. Peoples Independent Bancshares Inc. and its other wholly owned subsidiary, Peoples Independent Bank, will continue normal operations as ongoing entities, according to the released statement.
Financial Performance
Alabama One reported $5.053 million in net income as of Sept. 30, with capital of 9.42%. First Bank reported $1.1 million in income through the same date.
For Alabama One, the acquisition continues to mark its turnaround since being placed into conservatorship by the state regulator in 2015.