Alabama Credit Union to Buy Farmers State in Georgia

By Palash Ghosh February 18, 2015, 6:37 p.m. EST 1 Min Read

Five Star Credit Union in Dothan, Ala., has agreed to buy Farmers State Bank in Lumpkin, Ga.

The $318 million-asset credit union did not disclose how much it will pay for the $47 million-asset Farmers State Bank. Five Star said it will buy all of the bank's loans, investments, real estate, accrued interest receivables and other banking-related assets, along with all deposits and accrued interest payable.

Five Star will continue to operate all of Farmers State's three branches.

Farmers State would be Five Star's second bank acquisition. The credit union bought Flint River National Bank of Georgia in June.

"We are excited to partner with Five Star in this transaction," Gary Blackburn, Farmers State's president and chief executive, said in a press release.

"Our board considered a number of options and concluded that Five Star is best positioned to serve the needs of our market and that they will be able to offer new and improved services to our customers," Blackburn added. "We feel this will be a great fit not only for our customers but for our employees who have contributed so much to our organization."

Five Star has 13 branches in Alabama and Georgia.

This article first appeared in Credit Union Journal.

For reprint and licensing requests for this article, click here.

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