BIRMINGHAM, Ala. –The $643-million Legacy Community FCU said it will acquire the $104-million First Community Bank of Cullman, Ala. It is the second bank acquisition by a credit union announced in the last week.
Cullman, Ala. is approximately 50 miles north of Birmingham.
In a statement, the two organizations said they have a long history of community-focused service, and the opportunity to combine resources made the transaction a “natural progression.”
“Legacy has been committed to crafting financial solutions for the communities we serve for over seventy years,” Legacy Community President and CEO Glenn Bryan said in a statement. “Our culture emphasizes excellence, education, energy and empowerment, and we look forward to bringing our approach to financial service to the people of Cullman County. We know that First Community has built a very similar tradition over the last century, so we are excited to work with them as we expand into this new market.”
‘Service to the Next Level’
Added Billy Faulk, Billy Faulk, president and CEO of First Community Bank, in a statement, “After decades of service to the Cullman area, the decision was made by our board of directors to seek a partner that could take our service to the next level. We were determined to find a group that held the same philosophy of business that we do, and after an extensive search, we found that in Legacy. We are confident that this decision will benefit our customers and our community for years into the future.”
Price Not Disclosed
The acquisition will be an all-cash transaction, the amount of which has not been disclosed.
The $642.9-million Legacy Community FCU reported $3.75 million in net income at year-end 2024, with capital of 13.60%.
Legacy is represented by Michael Bell of Honigman, LLP, as legal counsel. First Community Bank is represented by Jones Walker, LLP, and St. John & St. John, LLP, as legal counsel and Hovde Group, LLC, as financial advisor.
Second Deal in a Week
On March 14, Jolliet, Ill.-based NuMark Credit Union said it plans to acquire Lemont National Bank in an all-cash transaction. The $850.5-million NuMark said the transaction is scheduled to close in the second half of 2025 pending regulatory approvals. When the purchase is complete NuMark will have approximately $910 million in assets and increase its footprint with a total of 15 branches.
