RAINBOW CITY, Ala.–Family Savings Credit Union has reached an agreement to buy the Elkmont, Ala. and Rogersville, Ala. branches of Citizens Bank & Trust. Terms of the purchase were not released.
Under the terms of the agreement, the $1.1-billion Family Savings will purchase the physical locations and most of the deposit and loan accounts associated with the branches, which together are valued at about $63 million.
Founded in 2003, Citizens Bank & Trust has assets of $1.1 billion and operates 10 branches and a loan production office in north Alabama. Citizens will continue to operate through its headquarters location in Guntersville, Ala., the institutions said.
Additional Growth Plans
Family Savings CEO Danny Varnon said in statement the 70,000-member FSCU has growth plans for Lauderdale and Limestone counties in northern Alabama, and the acquisition ties in well with its existing branch network.
