Five Star Credit Union in Dothan, Ala., has received approval from the Alabama Credit Union Administration to buy Flint River National Bank in Camilla, Ga.
The $260 million-asset credit union's planned $23 million acquisition still needs approval from the National Credit Union Administration, though Michael Bell, a Michigan lawyer representing Five Star, says he expects that approval shortly. The Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency have already signed off on the sale.
The Georgia Department of Banking and Finance also approved a charter expansion for Five Star to include Georgia's Mitchell County.
Five deals involving credit unions and banks have been signed in the last two years.