Alabama One Credit Union Makes Significant Acquisition

We have big news in the banking sector here in West Alabama.

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The Alabama One Credit Union announced that it is signing documents to acquire all the assets and liabilities of Peoples Independent Bank, a bank headquartered in Boaz, Alabama.

The hope is to finalize and close the deal before the end of 2026.

After all is complete, Alabama One will have nearly $2 billion in assets across Alabama.

Alabama One has been looking to expand from Tuscaloosa into other cities in Alabama, particularly in Northeast Alabama.

It's the second time in the last five years the credit union has purchased assets from a bank.

This move lines up perfectly with their long-term strategy.

Alabama One has seen solid growth in the Wiregrass region of Alabama recently.

The move will not impact or disrupt local, loyal members of Alabama One.

According to the transaction terms and pricing, the consideration form is 100% cash.

People's Independent Bank was founded in 1988, and Alabama One began serving members in 1951.