Alabama One Credit Union in Tuscaloosa has agreed to buy First Bank in Wadley, Ala.
The $956.8 million-asset credit union plans to buy the $130 million-asset bank from Peoples Independent Bancshares in Boaz, Ala., for an undisclosed amount. Peoples Independent will retain its other bank, Peoples Independent Bank.
The deal is expected to close in the second quarter.
First Bank has five branches.
“Over time, we’ve seen many banks move out of rural communities,” William Wells, Alabama One’s CEO, said in a press release. “Their strategic goals are different than ours.”
Alabama One is the fourth credit union to announce a bank acquisition this month, and the 15th to strike a deal this year.
Rosen Harwood advised Alabama One. Olsen Palmer advised First Bank.