Avadian to buy Huntsville bank

Avadian Credit Union, based in Birmingham, and American Bank of Huntsville, based in Huntsville, have a Definitive Agreement for Avadian to purchase American Bank of Huntsville. Avadian will assume operation of the bank’s location on Memorial Parkway which will expand Avadian’s existing Huntsville market presence. There are currently about 3,000 Avadian members in the surrounding […]

avadian-corporateAvadian Credit Union, based in Birmingham, and American Bank of Huntsville, based in Huntsville, have a Definitive Agreement for Avadian to purchase American Bank of Huntsville. Avadian will assume operation of the bank’s location on Memorial Parkway which will expand Avadian’s existing Huntsville market presence. There are currently about 3,000 Avadian members in the surrounding area.

“As a growing credit union looking for opportunities to expand our services in North Alabama, we are excited about this forward-thinking collaboration and believe it is a great fit all the way around,” said Linda Cencula, president/CEO of Avadian Credit Union. “We look forward to welcoming American Bank of Huntsville team members and customers to the Avadian Credit Union family.”

Vernon Bice, President/CEO of American Bank of Huntsville said, “We are excited about the opportunity to combine resources with Avadian and look forward to partnering with professionals who are like-minded in their philosophy of offering personalized and professional financial products and services.”

The agreement has been approved by the board of directors at the credit union and the bank. The next step is to gain regulatory approvals and that is scheduled to wrap up by the end of 2015.

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