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.”