Five Star Credit Union in Dothan, Ala., has agreed to buy Farmers State Bank in Lumpkin, Ga.
The $318 million-asset credit union
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
"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.