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Family Savings Credit Union to buy two Ala. branches from Merit Bank

Family Savings Credit Union in Rainbow City, Ala., has agreed to buy two branches from Merit Bank in Huntsville, Ala.

The $1 billion-asset credit union did not disclose the price it will pay the $400 million-asset Merit. The deal is expected to close in the first half of 2025.

The branches include $27 million in deposits and $4 million in loans.

“The transaction will have a favorable impact onĀ earnings, bank capital and overall efficiency of Merit Bank,” Will Heaps, the bank’s president and CEO, said in a letter to customers. “In addition, this will allow us to focus our attention solely on our core market and allow for future growth opportunities.”

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