MONTGOMERY, Ala. — MAX Credit Union has agreed to acquire First Financial Bank of Bessemer in an all-cash transaction that would mark the credit union’s first bank acquisition and expand its operations into the Greater Birmingham market.
The $2.3 billion MAX CU said it would acquire substantially all the assets and assume substantially all the liabilities of the approximately $245 million-asset bank, a subsidiary of FirstFed Bancorp. The purchase price was not disclosed.
The deal is expected to close in 2027, subject to approval by FirstFed Bancorp shareholders, regulatory approvals and customary closing conditions. Integration is also expected during 2027.
First Financial’s eight branches would join MAX’s existing 16 full-service locations, increasing its branch network by 50%. MAX said it intends to keep the bank’s locations open and offer customers access to its mortgage, wealth management, insurance and business lending services.
’90 Years Earning Trust’
“First Financial Bank 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,” MAX CEO Martin Head said in the announcement. “Our two organizations share a belief that a financial institution should be measured by how well it serves its neighbors.”
B. Kyle Goodwin IV, CEO of FirstFed Bancorp, said in a sstatement that MAX’s service record and community relationships made it a suitable partner to carry forward the bank’s operations.
The acquisition would bring MAX’s assets to approximately $2.6 billion. MAX serves about 134,000 members, and the combined footprint would give the Montgomery-based institution a substantially larger presence in the Birmingham region.
Ninth Acquisition of the Year
The proposed transaction is the ninth bank acquisition announced by a credit union this year, Banking Dive reported, following 16 such announcements in 2025 and a record 22 in 2024. The deals have prompted objections from community banking groups over the tax treatment of credit unions, while credit union advocates argue their tax status supports member and community benefits.
