Alabama ONE Announces Acquisition Of First Bank Of Wadley

TUSCALOOSA, AL — Alabama ONE Credit Union on Monday announced that it has received regulatory approval to acquire First Bank of Wadley, which comes after the west Alabama financial institution recently announced two consecutive mergers with other companies.

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A wholly-owned subsidiary of Peoples Independent Bancshares, Inc. of Boaz, First Bank of Wadley reports total assets of $130 million, with a footprint that includes communities in Wadley, Roanoke, Hollis Crossroads, Goodwater, and Rockford.

"We are proud to lead Alabama ONE's expansion into East Central Alabama," First Bank of Wadley CEO Jared Kirby said. "Our team is excited about its opportunity to introduce expanded products and services to the customers/members in the communities we serve."

As Patch reported earlier this year, Alabama ONE announced successful mergers with Brewton Mill Federal Credit Union and McIntosh Chemical Federal Credit Union.

Alabama ONE says the First Bank transaction was unanimously approved by the Board of Directors of both institutions and is anticipated to close by the end of the year — marking Alabama ONE's second bank acquisition after purchasing First Bank of Linden in 2021.

“We are looking forward to the completion of the First Bank acquisition and welcoming the First Bank Team members and customers to our Alabama ONE family," Alabama ONE CEO Bill Wells said. "We are eager to deliver our full-service banking solutions to our newest members.”

Alabama ONE pointed out that the purchase of First Bank and its five branches increases its branch network to 25 statewide, with the recent acquisition helping to expand its footprint on the east side of Alabama by serving almost 4,000 new members and businesses.

Along with the purchase of First Bank of Wadley, Alabama ONE also announced plans to expand its presence to Randolph, Coosa, and Cleburne counties, along with plans to open another branch in Wedowee in 2024.

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