The National Credit Union Administration has approved the sale of Flint River National Bank in Camilla, Ga., to Five Star Credit Union in Dothan, Ala.
The $260 million-asset Five Star expects to complete the acquisition in early June.
"This is a great deal for Five Star, the customers of Flint River and the Camilla, Ga., community," says Michael Bell, a lawyer at Howard & Howard who is representing Five Star. "It is also a great deal for the CU industry in general - affirming current innovations and driving new ones."
The deal, which was announced in September, has been steadily moving toward completion - a step at a time. In February, the Federal Deposit Insurance Corp., the Office of Comptroller of the Currency and Flint River's shareholders approved the deal. The Alabama Credit Union Administration approved the deal in early May.
The Georgia Department of Banking and Finance approved a charter expansion last year for Five Star to include Georgia's Mitchell County.
Flint River was valued at $23 million at the time the deal was signed.
Five deals involving credit unions and banks have been signed in the last two years. Municipal Employees Credit Union bought Advance Bank; Landmark Credit Union bought Hartford Savings Bank; GFA Federal Credit Union bought Monadnock Savings Bank; and United Federal Credit Union bought Griffith Savings Bank.
