WARNER ROBINS, Ga.—The $3.8-billion Robins Financial Credit Union here has agreed to buy $430-million Persons Banking Company, a state-chartered bank headquartered in Forsyth, Ga.
The buy marks the second CU purchase of a bank in 2022, and the second in Georgia in one week.
“Robins Financial has a lasting history of enhancing the financial well-being of our members and community,” said Christina O’Brien, president and CEO of Robins Financial, in a statement. “We have a strategic commitment to bring the benefits of credit union membership to more people, while reinforcing our position as a strong and reliable financial institution. The addition of Persons Banking Company will allow us to expand our footprint and ensure that we are able make a community impact as we live out our mission to be Member Focused, Financial Partners, and Community Proud.”
The credit union added the partnership is a “proactive step taken by two financially sound institutions with similar histories and philosophies to enhance on their strengths and position,” and further stated it will assist Robins Financial with “meeting the current and future needs of their members throughout the state of Georgia. The partnership will provide members and employees the best of both organizations as well as the ability to offer expanded products and services, specifically a full suite of commercial services from commercial loans, to enhanced commercial deposit products, as well as more financial assets and combined technology.”
‘Enthusiastic About Opportunity”
“I am enthusiastic about the opportunity we have to partner with Robins Financial in an effort that we believe offers significant opportunities to our clients, communities, employees, and shareholders,” said Ogden Persons, CEO of Persons Banking Company. “This partnership is an excellent opportunity to create value for both institutions.”
Persons Banking Company, formerly The Farmers Bank, was formed in February 2015 as a result of the merger of The Farmers Bank and The Peoples Bank. Persons Banking company has five locations. The financial institution made $1.7 million through September of 2021 and $21 million in 2020, according to FDIC data.
Robins Financial reported net income of $43.8 million in 20211, with capital standing at 15.05%, according to Call Report data.
Pace is Quickening
Michael Bell, the pioneer of credit union purchases of banks, emphasized again that the speed of CU purchases of banks is quickening.
“As I reported last week, I expect 2022 to be a record year for the number of these deals,” said Bell, a partner and co-chair of the Financial Institutions Practice Group at Honigman, LLP, which is representing Robins Financial. Bell has been involved in more than 40 whole-bank agreements, plus additional bank branch purchases.