CHESAPEAKE, Va. –The $957-million ABNB FCU here has agreed to buy two branches of First Bank of Virginia located in north central North Carolina, the organizations announced in a joint release.
The deal marks the second credit union purchase of bank branches within the last seven days.
As CUToday.info reported, the $1.1-billion Family Savings Credit Union agreed last week to acquire the Elkmont and Rogersville branches of Citizens Bank & Trust.
The branches, located in Roanoke Rapids and Louisburg, will transition to ABNB later this year. No job losses are expected as a result of the transaction, the organizations stated.
“We are pleased to welcome the communities of Roanoke Rapids and Louisburg to ABNB,” said Charles A. Mallon, Jr., president and CEO of ABNB Federal Credit Union. “As a member-owned credit union, we’re dedicated to providing financial opportunities which improve our members’ lives and strengthen the communities we serve.”
ABNB currently operates 14 branches across North Carolina and the Hampton Roads region of Virginia and serves more than 81,000 members. The credit union has experienced strong growth in recent years, increasing assets from under $700 million to nearly $1 billion.
The transaction is expected to be completed later this year following approval by regulators and satisfaction of customary closing conditions.
“A successful transition depends on the people who serve these communities every day,” Mallon said. “We’re focused on maintaining strong local teams and delivering a seamless experience for both employees and members.”
Financial terms of the transaction were not disclosed.
The pioneer of CU purchases of banks, Michael Bell, said the deal represents “another win for every party in this transaction. Mainstreet America is served and protected when organizations like this work together in deals like this."
Bell, a partner and chair of the Financial Institutions Practice Group at Honigman, LLP, which is representing ABNB in this deal, has been part of more than 75 whole-bank agreements, plus additional bank branch purchases.