DOTHAN, Ala.—The FDIC and OCC have approved the proposed sale of Flint River National Bank to the $260 million Five Star CU here.
Shareholders of the Camilla, Ga.-based Flint River
The Georgia Department of Banking and Finance has also approved a charter expansion for Five Star to include Georgia's Mitchell County. The sale still awaits approvals from the NCUA and Alabama CU Administration.
Flint River was valued at $23 million at the time the deal was signed.
“I am hopeful NCUA and the Alabama regulator will approve this shortly,” said Michael Bell, attorney and counselor with Royal-Oak, Mich.-based Howard & Howard. “We are eager to close this transaction for the good of Five Star, Flint River and the Camilla community.”
Five deals involving credit unions and banks have been signed in the last two years.
In addition to Five Star, the $1.2 billion Municipal Employees CU has purchased $61 million Baltimore-based Advance Bank; Wisconsin's $2.1 billion Landmark CU acquired $190 million Hartford Savings Bank; Massachusetts' $429 million GFA FCU bought New Hampshire's $83 million Monadnock Savings Bank; and the credit union that put everything in motion-Michigan's $1.6 billion United FCU — acquired $81 million Griffith Savings Bank in Indiana.
