August 28, 2023 – Dothan, AL-based Five Star Credit Union announced today that it has entered into an agreement to acquire Macon, GA-based OneSouth Bank, the banking subsidiary of OneSouth Financial, Inc. of Blakely, GA. The deal will be structured as a purchase and assumption transaction and the consideration will be all-cash. Other financial terms were not disclosed.
Upon consummation, Five Star will have total assets of approximately $950 million and will expand its footprint to 23 full-service banking locations across lower Alabama and south and middle Georgia with the addition of OneSouth Bank’s 4 offices in Macon, Blakely and Leesburg, GA.
“Five Star Credit Union and OneSouth Bank have over 140 years of combined service to members and customers in the southern parts of Alabama and Georgia. We share similar values, and our partnership will reinforce the foundation for an extraordinary community financial institution that puts our members, employees, and communities first,” said Bob Steensma, President and CEO of Five Star Credit Union. “We look forward to welcoming the OneSouth Bank team members and customers to the Five Star family.”
“OneSouth Bank and Five Star share many philosophies that will enable this agreement to be a win for all parties involved. We are pleased that our customers can look forward to expanded products and solutions while enjoying the same friendly service they’ve come to expect from OneSouth,” commented Kim Davis Wilson, President and CEO of OneSouth Bank. “It was also extremely important for us to partner with an organization that shares our commitment to supporting the communities we serve, and Five Star certainly has that reputation across its footprint.”
The transaction, which has been unanimously approved by the Board of Directors of both institutions but remains subject to customary closing conditions including the approval of OneSouth Financial, Inc.’s shareholders and the receipt of all necessary regulatory approvals, is expected to be completed by the second quarter of 2024.
Olsen Palmer LLC served as financial advisor to OneSouth Bank while Fenimore Kay Harrison LLP served as legal advisor. Honigman LLP served as legal advisor to Five Star Credit Union.
About Five Star Credit Union
Dothan, AL-based Five Star Credit Union was founded in 1964 in Cedar Springs, GA as Cedar Springs Federal Credit Union to serve the employees of Great Southern Paper Company. Today Five Star serves more than 56,000 members through 19 full-service locations across 28 counties in lower Alabama and southern Georgia. As of June 30, 2023, Five Star had total assets of approximately $775 million. For more information on Five Star, please visit www.fivestarcu.com.
About OneSouth Bank
Originally chartered as Bank of Early in Blakely, GA in 1941, OneSouth Bank is a full-service community bank now headquartered in Macon, GA that serves customers through 4 offices in south and middle Georgia. OneSouth Bank is the wholly-owned banking subsidiary of OneSouth Financial, Inc. of Blakely, GA. As of June 30, 2023 OneSouth Bank had total assets of approximately $215 million. For more information on OneSouth Bank, please visit www.onesouthbank.com.