CHESAPEAKE, Va.–ABNB FCU said it is acquiring two North Carolina branches from First Bank of Virginia. The branches are located in Roanoke Rapids and Louisburg, N.C., respectively. The two branches are the only locations First Bank has in the Tarheel State.
Terms of the deal were not announced.
In a statement, the two institutions said the acquisition is expected to be completed in the second half of this year and still require regulatory approval and vendor conversions. The organizations said all employees at the affected branches will be offered employment with ABNB.
First bank said the sale is part of its “branch optimization plan” to exit North Carolina and focus resources on its core Virginia markets.
The $956-million ABNB FCU has approximately 76,000 members.
