Avadian Credit Union Purchases Bank
Subject to Regulatory Approval
BIRMINGHAM, Ala.– Avadian Credit Union said it has entered into an agreement to acquire Citizens State Bank of Vernon, Ala., the banking subsidiary of Citizens Southern Bancshares, Inc.
The transaction will be structured as a purchase-and-assumption transaction, and the consideration will be all-cash, the credit union said. Other financial terms were not disclosed. Vernon, Ala. is approximately 95 miles west of Avadian’s Birmingham headquarters.
Founded in 1977, Citizens State Bank has assets of $85 million and a “legacy of serving businesses, individuals and communities in Lamar County, Ala., and surrounding areas. Upon completion of the transaction, Avadian said it will have total assets of approximately $1.2 billion and 19 locations across Alabama.
Statement from Avadian CU President & CEO:
“We are delighted to partner with Citizens State Bank, 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 members and customers,” said Linda Cencula, president and CEO of Avadian. “This transaction will also expand our presence in Alabama as we move into the western part of the state.”
Statement from Citizens State Bank President & CEO:
Added Anthony Burnett, president and CEO of Citizens State Bank,“We are excited about joining the Avadian family as their culture and commitment to local communities are very similar to our own. This combination is an attractive fit for our bank offering a comprehensive set of products and services to ou michael bell large Michael Bell r customers and an expanded geographic diversification. The combined strength of the institutions will enhance our proven ability to serve our community while strengthening the benefits to our customers and employees.”
About Avadian Credit Union
Avadian, which grew from the Telco Credit Union founded in 1934, has become a $1.1 billion firm with 17 locations across Alabama.
About McQueen Financial Advisors
McQueen Financial is a nationwide financial advisory firm serving financial institutions since 1999. McQueen has advised on ~25% of all Credit Union / Credit Union Mergers nationwide, annually.
Transaction Leads
Dan Martin
Director of Transaction Advisory & Valuation
Andre Gard
Associate
Victor Sicilia
Analyst