Family Security Credit Union, a $580-million institution based in Decatur, Ala., said it has entered into a definitive agreement to purchase substantially all of the assets and assume the deposits of the privately held Bank of Pine Hill, based in Pine Hill, Ala.
Subject to approvals by regulators and the stockholders of the $25 million Bank of Pine Hill, the proposed transaction is expected to close in the first quarter of 2017.
"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 and CEO of Family Security CU, in a statement. "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 CU has 20 branch locations throughout the State of Alabama, and serves more than 70,000 members. Family Security CU also participates in shared branching networks nationally and provides over 55,000 surcharge-free ATM locations through the Allpoint Network.
Founded in 1947, Bank of Pine Hill total capital of over $3 million as of June 30, 2016.
L. William Godbold, the chairman, president and CEO of the Bank of Pine Hill, commented: "Family Security is a great partner for our customers. As a larger financial institution, but one still focused on the local community, it is able to offer a wider range of products and does so at competitive rates with low fees. For our shareholders, this transaction offers a good outcome which reflects the solid capital position of the Bank. We look forward to working with the staff of Family Security over the next several months to ensure a smooth transition for our customers, employees and the community at large."
McQueen Financial Advisors of Royal Oak, Mich. serves as financial advisor and Michael M. Bell of Howard & Howard, also of Royal Oak, serves as legal counsel to Family Security CU.