Avadian Credit Union buying Citizens State Bank in Alabama

Avadian Credit Union in Birmingham, Alabama, has agreed to purchase Citizens State Bank in Vernon, Alabama.

“We are delighted to partner with Citizens State Bank, 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 members and customers,” Linda Cencula, president and CEO of the $1.1 billion-asset Avidian, said in a press release Friday. “This transaction will also expand our presence in Alabama as we move into the western part of the state.”

The deal is expected to close in the third quarter of 2022.

With the acquisition Avadian would add two locations to its network of 17 branches and oversee roughly $1.2 billion of assets.

“This combination is an attractive fit for our bank offering a comprehensive set of products and services to our customers and an expanded geographic diversification,” Anthony Burnett, president and CEO of the $85 million-asset Citizens State, said in the release. “The combined strength of the institutions will enhance our proven ability to serve our community while strengthening the benefits to our customers and employees.”

Avadian was advised by the law firm of Honigman. Citizens State Bank was advised by Olsen Palmer and Jones Walker.

This is the 13th bank-credit union M&A deal this year, versus seven last year. The record of 16 was set in 2019. The most recent deal before Avidian's was the agreement by GreenState Credit Union in North Liberty, Iowa, to acquire Midwest Community Bank in Freeport, Illinois.