Strategic Insights into Banking & Fintech

MAX Credit Union to buy First Financial Bank in Alabama

MAX Credit Union in Montgomery, Ala., has agreed to buy First Financial Bank in Bessemer, Ala.

The $2.3 billion-asset credit union said in a press release that it will pay cash for the $245 million bank, which is a unit of FirstFed Bancorp. The deal is expected to close next year; the price wasn’t disclosed.

First Financial has eight branches.

First Financial “has spent nearly 90 years earning the trust of the families and businesses in the markets it serves, and that’s exactly the kind of institution we wanted to partner with,” Martin Head, the credit union’s president and CEO, said in the release. “We plan to keep every First Financial branch open because the relationships those branches have built are what make this bank special.”

Olsen Palmer and Jones Walker advised FirstFed Bancorp and First Financial Bank.

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