The Bank Slate


Five Star CU announces another bank purchase

Five Star Credit Union in Dothan, Ala., has agreed to buy Wilcox County State Bank in Abbeville, Ga. – the fifth credit union-bank merger announced this week.

The $773 million-asset Five Star did not disclose the price it will pay for the $178 million-asset bank. The deal is expected to close in the second quarter.

The credit union announced earlier this week that it would buy the $215 million-asset OneSouth Bank in Blakely, Ga.

Five Star “is member-focused and our purpose is to brighten the financial future of the communities we serve,” Bob Steensma, the credit union’s president and CEO, said in a press release.

“Wilcox County State Bank has similar values for its customers,” he added. “This is a great opportunity to put our combined experiences together to show how a community-focused financial institution can give a great banking experience.”

D.A. Davidson and Honigman advised Five Star, while Martin Snow advised the bank.

Five Star has acquired several banks over the years, including Farmers State Bank and Flint River National Bank.

The flurry of deals this week doubled the number of credit union-bank mergers announced this year, to 10 transactions.

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