Bank / Credit Union

Alabama One CU purchasing First Bank of Linden

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September 4, 2020

Alabama One Credit Union in Tuscaloosa, Alabama, has agreed to buy First Bank of Linden in Linden, Alabama.

Alabama One will pay cash for the $80 million-asset unit of First Linden Bancshares in the purchase-and-assumption transaction. A press release about the transaction did not disclose the price.

The deal is expected to close by the second quarter of 2021 and continues an expansive move for Alabama One, which earlier this year absorbed Alabama Rural Electric Credit Union to gain statewide reach. Adding First Bank of Linden will extend the credit union's reach in Western and Central Alabama, while increasing its total assets to $825 million.

"We are delighted to partner with First Bank of Linden, especially as they share our focus on running a high-quality, low-risk institution with a strong commitment to both the community and to our customers," Bill Wells, CEO, Alabama One said in a press release. "This transaction will also strengthen our presence in west Alabama, an area of our state we view as strategically important."