Alabama ONE Credit Union Acquires Peoples Independent Bank

TUSCALOOSA, AL — Alabama ONE Credit Union announced Wednesday it has signed a purchase and assumption agreement to acquire substantially all assets and liabilities of Peoples Independent Bank, a northeast Alabama community bank headquartered in Boaz.

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The transaction is expected to close in the third or fourth quarter of 2026 and will create a combined credit union with approximately $1.9 billion in assets serving markets across Alabama.

Peoples Independent Bank was founded in 1988 and owned by Peoples Independent Bancshares Inc., which reported total assets exceeding $476 million as of Dec. 31, 2025.

Alabama ONE CEO Whitney Oswalt said the acquisition aligns with the Tuscaloosa-based credit union’s strategy to expand in northeastern Alabama following recent growth in east-central and Wiregrass markets.

“This combination represents a natural extension of our growth strategy and a shared continuing commitment to support and strengthen our local communities,” Oswalt said. “We are very familiar with Peoples Independent Bank and its leadership. They have built strong local relationships and have a culture and strategic mission that aligns closely with ours.”

Oswalt said the combined organization will broaden products and services for both Peoples Independent customers and Alabama ONE members in the region.

Peoples Independent Bank President and CEO Royce Ogle said the move will provide additional scale and resources.

“Joining the Alabama ONE family provides us with additional resources, technology and scale to continue providing exceptional service across our markets,” Ogle said.

Rosen Harwood is serving as legal counsel to Alabama ONE.

Peoples Independent Bank says it is advised by Olsen Palmer LLC as financial advisor and Maynard Nexsen PC as legal counsel.

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