Avadian Credit Union

Avadian Credit Union Buys Citizens State Bank

Avadian Credit Union has agreed to purchase Citizens State Bank, an Alabama-based bank with two locations and $85 million in assets. The transaction is expected to close in the third quarter of 2022. Once the deal is complete, Avadian will have 19 locations and $1.2 billion in assets. The deal will provide greater access to financial services and better meet the needs of members. Avadian will offer more than 70 products and services to its 60,000 members.

Avadian is not the only credit union to buy an Alabama bank. In August, the Tuscaloosa-based Alabama Credit Union agreed to buy Security Federal Savings Bank, a small community bank located 95 miles west of Birmingham. The deal was announced last month and is expected to close sometime in the third quarter of 2022. It marks the 13th bank acquisition for a credit union in 2021, surpassing the seven in 2020. The credit union missed the record of 16 bank acquisitions in 2019 with just three transactions.

While Avadian is the only credit union to purchase a bank this year, the Independent Community Bankers of America has consistently pushed back against the growth of credit unions. They say that the tax-exempt status of a credit union allows it to provide better service and pricing to their members. Meanwhile, an additional 11% of CU members are looking for a bank that offers more products and services online. In addition, the merger is an opportunity for Avadian to expand its footprint in western Alabama and reach more customers.

Avadian is not the only credit union to buy a bank this year. In August, the Alabama Credit Union acquired Security Federal Savings Bank, located in Jasper, which is about 95 miles southwest of Birmingham. In addition to the Alabama credit union’s latest acquisition, there were five other bank mergers in the past two weeks. Other transactions included a merger between a St. Louis-based credit union and a Florida-based FI and a Minnesota-based CU.

Avadian is not the only credit union to buy a bank this year. In August, Alabama Credit Union acquired Security Federal Savings Bank, a two-location community bank located 95 miles from Birmingham. The deal was completed all in cash and is expected to close in the third quarter of 2022. This is the thirteenth bank acquisition by a credit union this year. This amount is behind the record of 16 for the year.

Avadian Credit Union isn’t the only credit union to buy a bank this year. The Alabama CreditUnion purchased Citizens State Bank in Vernon, a community bank about 95 miles west of Birmingham. The transaction marks Avadian’s 13th bank acquisition in 2021, surpassing the seven it announced in 2020. While this isn’t a record, it is a significant milestone for the Alabama-based financial institution.

In addition to Avadian, Citizens State Bank is being acquired by Avadian Credit Union. The deal is a strategic acquisition for the Birmingham-based credit union. It allows Avadian to expand its operations to western Alabama. Avadian is a regional bank and will continue to operate independently. The banks will continue to be separate companies but have merged. The Avadian merger will be a major step forward for the state’s banking sector.

Avadian is not the only credit union to acquire a bank this year. Avadian’s acquisition of the Citizens State Bank of Vernon, Alabama, is also a major move for the Birmingham-based bank. The deal allows Avadian to expand its services to western Alabama, a region that has historically been underserved by banks. However, it’s important to remember that Avadian is still only a branch of the Citizens State Bank.

Avadian isn’t the only credit union in Alabama this year. In August, Alabama Credit Union purchased Citizens State Bank, a two-location bank 95 miles southwest of Birmingham. The acquisition was a surprise to both sides because the two institutions are not based in the same state. Avadian has plans to expand throughout the state, including in rural Alabama. Avadian has recently purchased three other banks in the state.

Direct official site link