Alabama ONE Credit Union Acquires First Bank Of Wadley

TUSCALOOSA, AL — Alabama ONE Credit Union on Monday announced it has entered into an agreement to acquire First Bank of Wadley.

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First Bank of Wadley is a wholly-owned subsidiary of Peoples Independent Bancshares, Inc. of Boaz. Alabama ONE said in a press release that once the deal is finalized, Peoples Independent Bancshares, Inc. and its other subsidiary — Peoples Independent Bank — will continue normal operations as ongoing entities.

Alabama ONE also said the transaction is in line with the credit union's mission to expand into communities throughout the state. At present, Alabama ONE currently has 18 branches statewide, primarily concentrated in Tuscaloosa and its surrounding counties.

What's more, Alabama ONE pointed out that the purchase of First Bank and its five branches will increase the credit union’s branch network to 23 branches statewide as the credit union expands its footprint into east Alabama.

Alabama ONE said the transaction has been unanimously approved by the Board of Directors of both financial institutions but remains subject to customary conditions including the approval of First Bank’s shareholders and the receipt of required regulatory approvals.

The transaction is expected to close no later than the second quarter of 2023.

Following anticipated regulatory approval, Alabama ONE will serve the Alabama communities of Wadley, Roanoke, Hollis Crossroads, Goodwater, and Rockford.

“Over time, we’ve seen many banks move out of rural communities," Alabama ONE CEO Bill Wells said. "Their strategic goals are different than ours. We are acquiring an exceptional, seasoned team from First Bank who care deeply for its customers. Introducing these valued customers to our well-rounded suite of products and services designed for rural banking needs is very exciting to us. It is our mission to partner with the communities we serve, and we do this by bringing more than just brick and mortar branches to a small town."

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