First Bank of Linden joining Alabama ONE family
Alabama ONE Credit Union of Tuscaloosa Thursday announced it has entered into an agreement to acquire the First Bank of Linden, the banking subsidiary of First Linden Bancshares, Inc,
The financial terms of the all-cash purchase were not disclosed.
Founded in 1904, First Bank of Linden is a full-service community bank with total assets of more than $80 million and a long legacy of serving businesses, individuals and communities in Marengo County and the surrounding areas. It is known for supporting a variety of community, social and non-profit organizations.
Alabama ONE also recently merged Alabama Rural Electric Credit Union (ARECU), which allowed Alabama ONE to become a statewide franchise. Within 80 days, Alabama ONE converted ARECU’s core and digital banking platforms.
Alabama ONE expects a similar smooth conversion with First Bank of Linden, allowing it to expand its presence in west and central Alabama. With the merger Alabama ONE will have total assets of approximately $825 million in 15 branches across the state.
“We are delighted to partner with First Bank of Linden,” said Bill Wells, CEO of Alabama ONE, “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 customers.”
He added that the transaction “will also strengthen our presence in West Alabama, an area of our state we view as strategically important.”
“We are excited about joining the Alabama ONE family as its culture and commitment to local communities are very similar to our own,” said Ann Scott Yelverton, chairman, president and CEO of First Bank of Linden.
“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,” she continued. “The combined strength of the institutions will enhance our proven ability to serve our community while strengthening the benefits to our customers and employees.”
While the transaction has been approved by the boards of directors of both institutions, it remains subject to customary conditions, including the approval of First Bank of Linden Bancshares, Inc.’s shareholders and regulatory approvals. All approvals are expected no later than the second quarter of 2021.