CHESAPEAKE, Va. — ABNB Federal Credit Union has received regulatory approvals to acquire two First Bank branches in North Carolina, clearing the way for the transaction to close Oct. 9.
The National Credit Union Administration and Federal Deposit Insurance Corporation have approved ABNB’s acquisition of First Bank branch locations in Roanoke Rapids and Louisburg, according to the credit union.
ABNB announced the agreement with First Bank in February.
“Regulatory approval is an important milestone and reflects our disciplined approach to growth through thoughtful partnerships,” ABNB President and CEO Charles A. Mallon Jr. said. “Our focus now is ensuring a seamless transition for customers and employees.”
No Job Losses Expected
ABNB said it does not expect any job losses as a result of the transaction. Existing branch employees and local leadership are expected to remain in place following the acquisition to provide continuity for customers.
The credit union said the acquisition will expand its presence in northeastern North Carolina.
“We are pleased to welcome the communities of Roanoke Rapids and Louisburg to ABNB,” Mallon said. “As a member-owned credit union, we’re dedicated to providing financial opportunities which improve our members’ lives and strengthen the communities we serve.”
ABNB is headquartered in Chesapeake and operates 14 branches across the Hampton Roads region of Virginia and northeastern North Carolina.
The credit union serves more than 81,000 members and has grown from less than $700 million in assets to nearly $1 billion in recent years, according to ABNB.
