With branch acquisition, Peach State FCU continues expansion
Peach State Federal Credit Union, a $433 million institution based in Lawrenceville, Ga., has acquired a branch in Toccoa, Ga., from DOCO Credit Union after the latter made a “strategic decision to leave this market,” according to a news release from Peach State
DOCO CU is a $224 million institution based in Albany, in the southern part of Georgia. Lawrenceville and Toccoa are both located in north Georgia.
Peach State FCU explained that it made the acquisition since it “aligned with the credit union’s long-term strategic plan” to expand its services into the North Georgia area.
The branch in Toccoa will continue to serve DOCO CU members until Sept. 30, 2018, at which time the branch will exclusively serve Peach State FCU members.
“This transition from DOCO to Peach State is in keeping with the values that each organization believes in: a focus on meeting and exceeding the expectations of our members,” said Peach State FCU president and CEO Marshall Boutwell. “We are pleased to be able to bring a smart place to bank to the Toccoa market, which provides another convenient location to our members.”
Peach State FCU posted net income of about $3.1 million in 2017, up from about $2 million in the prior year. Total loans and leases amounted to about $271 million last year, up from about $192 million in 2016.
Meanwhile, DOCO CU posted net income of about $479,000 in 2017, down sharply from $1.18 million in the prior year. Meanwhile, total loans and leases amounted to about $148.3 million last year, up from $139.4 million in 2016.