Georgia’s Own Credit Union in Atlanta has agreed to buy Vinings Bank in Smyrna, Georgia, the first credit union deal to acquire a bank this year.
It would be the second bank acquisition for the $3.4 billion-asset, which bought
Georgia’s Own, the third-largest credit union in Georgia, said in a press release Monday that it will submit to regulatory agencies a proposal to acquire the $653 million-asset bank after the two organizations agreed upon financial terms, which were not disclosed.
Vinings Bank was established in 2007 and has locations in Smyrna and Alpharetta.
“We are thrilled at the opportunity to partner with Vinings Bank,” David Preter, the president and CEO of Georgia's Own, said in the press release. “We are committed to making this venture a positive one for everyone involved. Through this alliance, we feel confident that we can deliver added value and exceptional products and services to our members and the community.”
Georgia’s Own said it plans to retain all of Vinings Bank's 47 full-time-equivalent employees.
Last year 13 banks agreed to be sold to credit unions, approaching 2019's record of 16 such combinations. This year that number is
