The Bank Slate

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Y-12 Federal Credit Union to buy First State Bank of the Southeast

Y-12 Federal Credit Union in Oak Ridge, Tenn., has agreed to buy First State Bank of the Southeast in Middlesboro, Ky.

The $2 billion-asset Y-12 said in a press release that it expects to buy the $415 million-asset First State in early 2025. The price wasn’t disclosed.

First State is the 19th bank to announce plans to sell to a credit union this year, continuing to surpass the previous record of 16 deals set in 2022 and accounting for a fifth of all deals announced in 2024.

“By combining the strengths of both organizations, we will bring expanded opportunities to our customers, employees and communities — backed by greater financial resources and advanced technology,” Katherine Reese, the bank’s CEO, said in the release.

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