Alabama ONE Credit Union in Tuscaloosa has agreed to buy Peoples Independent Bank in Boaz, Ala.
The $1.5 billion-asset credit union will pay an undisclosed amount of cash to the holding company of the $477 million-asset Peoples Independent, according to an announcement by Olsen Palmer, which advised the seller.
The deal is expected to close in the second half of this year.
Peoples Independent has nine branches and $420 million of deposits.