By Ray Birch
BIRMINGHAM, Ala.—The $644-million Legacy Community Federal Credit Union has agreed to buy $104-million First Community Bank of Cullman, headquartered in Cullman, Ala., the CU announced.
The details of the all-cash transaction were not disclosed. It is the third CU purchase of a bank in 2025.
The transaction is subject to customary regulatory approvals and is expected to be completed later this year. The deal has received unanimous approval from the board of directors of each institution.
“Legacy has been committed to crafting financial solutions for the communities we serve for over seventy years,” said Glenn Bryan, Legacy’s president and CEO. “Our culture emphasizes excellence, education, energy, and empowerment, and we look forward to bringing our approach to financial service to the people of Cullman County. We know that First Community has built a very similar tradition over the last century, so we are excited to work with them as we expand into this new market.”
“After decades of service to the Cullman area, the decision was made by our board of directors to seek a partner that could take our service to the next level. We were determined to find a group that held the same philosophy of business that we do, and after an extensive search, we found that in Legacy,” said Billy Faulk, president and CEO of First Community Bank. “We are confident that this decision will benefit our customers and our community for years into the future.”
Last year First Community Bank made $674,000, according to FDIC information. Legacy Community made $643 million in 2024, and its net worth is 13.60%, according to Call Report data.
“Community based financial institutions continue to voluntarily choose to come together when the circumstances make sense,” said Michael Bell, a partner and chair of the Financial Institutions Practice Group at Honigman, LLP, which is representing Legacy. “These combinations result in wins for customers, communities, employees and shareholders. Said differently, main street wins.
Bell, has been part of more than 75 whole-bank agreements, plus additional bank branch purchases.