Alabama ONE Credit Union Completes Acquisition Of Peoples Independent Bank

TUSCALOOSA, AL — Alabama ONE Credit Union on Monday announced it has completed its acquisition of Peoples Independent Bank.

Click here to subscribe to our free daily newsletter and breaking news alerts.

The transaction, first announced Feb. 18, officially closed Friday, Oct. 30, after receiving all necessary regulatory approvals.

Alabama ONE says the acquisition brings its combined assets to approximately $1.9 billion, while expanding its statewide presence and providing former Peoples Independent Bank customers with access to additional financial products and services.

"We are excited to officially welcome the customers, employees, and communities of Peoples Independent Bank to the Alabama ONE family," Alabama ONE CEO Whitney Oswalt said in a statement. "This partnership brings together two organizations that share a deep commitment to community, personal service, and helping people achieve financial success."

Peoples Independent Bank, based in Boaz, was a wholly owned subsidiary of Peoples Independent Bancshares Inc.

Alabama ONE says customers of Peoples Independent Bank will continue receiving information about account transitions, digital banking access and expanded credit union services in the coming weeks and months.

The credit union also said customers will maintain uninterrupted access to their accounts and banking services throughout the transition.

"We look forward to building upon the strong relationships Peoples Independent Bank has established and expanding the products, services, and conveniences available throughout northeast Alabama," Oswalt added.

Royce Ogle, former president and CEO of Peoples Independent Bank, also expressed optimism about the acquisition.

"This marks an exciting new chapter for our customers and employees," Ogle said. "Alabama ONE's commitment to community banking values, combined with its expanded capabilities, creates tremendous opportunities for the customers and communities we serve."

Have a news tip or suggestion on how I can improve Tuscaloosa Patch? Maybe you're interested in having your business become one of the latest sponsors for Tuscaloosa Patch? Email all inquiries to me at ryan.phillips@patch.com.