RAINBOW CITY, Ala.—The $1.1-billion Family Savings Credit Union here has agreed to acquire the Elkmont and Rogersville branches of Citizens Bank & Trust in this state, marking the credit union’s second bank branch acquisition agreement.
In 2024 the CU purchased two branches from Merit Bank in Valley Head and Ider, Ala.
Under the agreement, Family Savings will purchase the physical locations and most of the associated deposit and loan portfolios from Citizens Bank & Trust. According to the credit union, the deposits and loans to be transferred total approximately $44 million and $19 million, respectively. Citizens Bank & Trust will retain its headquarters in Guntersville, Ala., and continue operations at its remaining locations across northern Alabama.
Danny Varnon, president and CEO of Family Savings, said the acquisition accelerates the credit union’s strategic expansion in northern Alabama.
“We are thrilled about the proposed purchase of the Elkmont and Rogersville branches. We have growth plans for Lauderdale and Limestone Counties and this allows our expansion to be immediate, and the branches tie in well with our existing branch network in northern Alabama. We are committed to serving these markets and look forward to welcoming Citizen’s customers as the newest members of Family Savings,” Varnon said.
Charlie Williams, CEO of Citizens Bank & Trust, said the deal allows the bank to sharpen its focus on core markets while ensuring continued service for customers in Lauderdale and Limestone counties.
The proposed branch sale remains subject to customary closing conditions and regulatory approvals, with closing anticipated in the first half of 2026.
Michael Bell, partner and chair of the Financial Institutions Practice Group at Honigman LLP, is representing Family Savings in the deal. Bell, a pioneer of credit union purchases of banks, has advised on more than 75 whole-bank transactions and numerous branch purchases throughout his career.
“I have seen a material uptick in deal activity including whole bank and bank branch sellers seeking buyers,” he said. “2026 is heating up quickly. To be honest, the only challenge is finding credit union buyers for all the deals. If you are a credit union sincerely interested in non-organic growth through buying a bank or bank branches, I would love to hear from you.”