DALEVILLE, Ala.—The $3-billion All In Credit Union here has agreed to acquire $115-million SunSouth Bank, based in Dothan, Ala.
Terms of the all-cash deal, which is expected to close before Q1 2024, were not disclosed. Adding the bank’s two branches will give SunSouth a total of 33 locations across southern Alabama and the Florida panhandle. The transaction is subject to regulatory and shareholder approval.
“We are delighted at the combination of these two institutions,” said Bobby Michael, president and CEO of All In in a statement. “Southeastern Alabama is our home base and we are excited to expand our presence in this part of our footprint. We look forward to welcoming SunSouth’s employees and customers to the All In family.”
The credit union reported $37.2 million in net income during 2022 and $5,7 million in the first quarter of this year. SunSouth reported $447,000 in net income during 2022 and $79,000 during Q1 2022.
“We are thrilled to join forces with All In,” said Monty Weigel, president and CEO of SunSouth Bank in a statement. “Both institutions have a long history of serving Alabama’s Wiregrass region, and we believe this partnership will provide our team members and customers with opportunities for continued growth and success.”
More Deals to Come
The pioneer of credit union purchases of banks told CUToday.info that this agreement will one of many closed during the remainder of the year.
“Activity levels remain high and deals are getting over the finish line,” said Bell, a partner and co-chair of the Financial Institutions Practice Group at Honigman, LLP, which is representing All In. “Expect to hear more announcements very soon.”
Bell has been involved in more than 40 whole-bank agreements, plus additional bank branch purchases.