Alabama ONE okays buyout of First Bank of Wadley
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Alabama ONE Credit Union has received regulatory approval to acquire the assets and deposits of the First Bank of Wadley, a wholly-owned subsidiary of Peoples Independent Bancshares, Inc. of Boaz, AL with total assets of $130 million. First Bank has a long, successful, and steady history serving individuals, businesses, and communities in Wadley, Roanoke, Hollis Crossroads, Goodwater, and Rockford, Alabama.
The First Bank transaction was unanimously approved by the Board of Directors of both institutions and is anticipated to close by the end of the year. The purchase of First Bank and its five branches increases Alabama ONE’s branch network to 25 branches statewide. As a result of this acquisition, Alabama ONE will extend its service, further establishing its footprint on the east side of Alabama, serving almost 4,000 additional members and businesses. This acquisition will expand Alabama ONE’s presence to Randolph, Coosa, and Cleburne counties with plans underway to open another branch in Wedowee in 2024.
First Bank CEO Jared Kirby commented, “We are proud to lead Alabama ONE’s expansion into East Central Alabama. Our team is excited about its opportunity to introduce expanded products and services to the customers/members in the communities we serve.”
First Bank customers will have access to the latest online and mobile banking technology, affordable auto, mortgage, commercial, land and agriculture loans, rewards-driven credit cards, comprehensive insurance offerings, retirement and wealth advisory solutions, and financial wellness resources.
Bill Wells, CEO of Alabama ONE commented, “We are looking forward to the completion of the First Bank acquisition and welcoming the First Bank Team members and customers to our Alabama ONE family. We are eager to deliver our full-service banking solutions to our newest members.”
