Family Security Credit Union has negotiated the purchase of the Bank of Pine Hill, located in Pine Hill, AL. The $580-million credit union will purchase substantially all of the assets and assume the deposits of the $25-million bank in a deal expected to take place in the first quarter of 2017. Approval from state and federal bank and credit union regulators is pending.
“As a member-owned financial institution, we are excited to welcome the Bank of Pine Hill customers as members and look forward to serving their financial needs,” said Shane Nobbley, president/CEO of Family Security. “We share a common philosophy with the Bank of Pine Hill and believe their customers will find a familiar level of personal service and desire to help them achieve their goals while having access to a wider array of financial products and services.”
Family Security Credit Union has 20 locations throughout Alabama and serves more than 70,000 members.
If the deal is approved by state and federal regulators and completed in the first quarter of 2017, it will be the second credit union acquisition of an Alabama bank. The first bank purchase in 2016 was the $112 million American Bank in Huntsville, AL, by the $743 million Avadian Credit Union in Birmingham, AL, which was completed in April. That deal was originally announced in August 2015. For more details, read CUTimes.