Atlanta Postal Credit Union has agreed to buy Affinity Bank in Covington, Ga.
The $2.5 billion-asset credit union said in a press release that it will pay $22.50 a share in cash for the $870 million-asset unit of Affinity Bancshares. The deal is expected to close in the fourth quarter or the first quarter of 2025.
“For nearly 100 years, Affinity Bank has successfully served both small businesses and individuals throughout Atlanta and the entire region,” Blake Graham, the credit union’s president and CEO, said in the release.
“Through this agreement, we look forward to welcoming Affinity Bank’s customers as new members and exceeding their expectations in every way as we work to help them financially flourish,” he added “We are also excited to enter into this agreement as a way to drive our member-centric growth strategy forward.”
Hovde Group and Honigman advised the credit union. Performance Trust Capital Partners and Luse Gorman advised Affinity.
Affinity, which counts Ken Lehman among its investors, is the 11th bank to agree to sell to a credit union this year.