Atlanta Postal Credit Union to withdraw application to buy Ga. bank

Atlanta Postal Credit Union and Affinity Bank in Covington, Ga., have called off their planned merger.

The credit union agreed in May to buy the $870 million-asset bank unit of Affinity Bancshares for $22.50 a share in cash in a deal that was expected to close by the first quarter of 2025.

The boards of both parties agreed to the terminate the deal after the credit union held discussions with various regulators. The credit union has decided to withdraw its application with the Georgia Department of Banking and Finance.