Daleville, AL – January 2, 2024 – All In Credit Union (“All In”), headquartered in Daleville, AL, announced today that it has entered into a Purchase and Assumption agreement to acquire five branch locations of Louisville, AL-based 22nd State Bank. The branches are located in Brewton, Clayton, Eufaula, Geneva and Louisville, AL (the “Branches”). Upon consummation of the transaction 22nd State Bank will relocate its charter to Mobile, AL and will continue to operate as an independent community bank through its two locations in greater Mobile.
Pursuant to the terms of the Purchase and Assumption Agreement, All In has agreed to assume certain deposit liabilities and to acquire certain loans, as well as cash, real property, personal property and other fixed assets associated with the Branches. Customers of the Branches will receive additional information regarding the impact of the transaction in the near future. As of October 31, 2023 the deposit and loan balances associated with the transaction were approximately $145 million and $130 million, respectively.
Bobby Michael, President and CEO of All In, commented, “We are excited to acquire these five branch locations from 22nd State Bank. This move allows us to expand our presence in our home base of south Alabama. We look forward to welcoming those 22nd State Bank employees and customers associated with the Branches to the All In family.”
Steve Smith, President and CEO of 22nd State Bank, added, “We are thrilled to partner with All In Credit Union and believe this move will benefit our customers and communities of the Branches for decades to come. Going forward, this transaction will more closely align 22nd State Bank’s geographic footprint with our strategy to be a community bank serving Alabama’s Gulf Coast region. 22nd State Bank will continue as an independent community bank chartered and headquartered in Mobile and we look forward to serving our ongoing customers through our two locations in greater Mobile.”
The transaction, which has been unanimously approved by the Board of Directors of both institutions but remains subject to customary closing conditions and the receipt of required regulatory approvals, is expected to close no later than the third quarter of 2024.
All In was advised in the transaction by Honigman LLP as legal counsel. Olsen Palmer LLC served as 22nd State’s financial advisor while Jones Walker LLP served as its legal advisor.
About All In Credit Union
All In Credit Union is a full-service financial institution with $3.0 billion in assets. They provide personalized financial solutions to more than 175,000 members in Alabama and Florida. The organization and its employees are committed to enriching the lives of others by helping them reach their goals and achieve financial success.
For more information, please visit www.allincu.com.
About 22nd State Bank
Founded in south Alabama in 1917 as Farmers Exchange Bank, 22nd State Bank is a community bank with total assets of approximately $250 million providing a full suite of banking services built on local and personalized service and a willingness to adapt to the changing needs of customers and communities. 22nd State Bank operates seven banking locations in Mobile, Spring Hill, Brewton, Clayton, Eufaula, Geneva and Louisville, AL.
For more information, please visit www.22ndstatebank.com.
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