MidSouth Community Federal Credit Union in Macon, Ga., is the latest credit union to take advantage of the growing inventory of bank branches on the market, agreeing to acquire two branches of the failed Security Bank from the Federal Deposit Insurance Corp.
MidSouth, with $143 million of assets, would acquire branches in Warner Robins, near a military base, and in Watson. The price of the deal was not disclosed.
MidSouth joins a growing list of credit unions buying troubled banks' branches. In recent months nearby Robins Federal Credit Union bought a branch from Piedmont Community Bank; University of Wisconsin Credit Union acquired a branch from Amcore Bank; Dupaco Community Credit Union acquired a branch from East Dubuque Savings Bank; and Royal Credit Union in Eau Claire, Wis., agreed to buy 11 branches from the troubled Anchor Bank.