Georgia’s Own Credit Union in Atlanta has agreed to buy Vinings Bank in Smyrna, Georgia, the first credit union agreement to acquire a bank this year.
It would be the second bank acquisition for the $3.4 billion asset, which bought State Bank of Georgia in Fayetteville in 2018.
Georgia’s Own, Georgia’s third-largest credit union, said in a news release Monday that it will submit to regulators a proposed acquisition of the $653 million asset bank after the two organizations agreed on financial terms, which were not disclosed.
Vinings Bank was established in 2007 and has offices in Smyrna and Alpharetta.
“We are excited about the opportunity to partner with Vinings Bank,” David Preter, president and CEO of Georgia’s Own, said in the press release. “We are committed to making this adventure a positive experience for everyone involved. Through this alliance, we are confident that we can deliver added value and exceptional products and services to our members and the community.
Georgia’s Own said it plans to retain all of Vinings Bank’s 47 full-time equivalent employees.
Last year, 13 banks agreed to be sold to credit unions, approaching the 2019 record of 16 such combinations. This year, that number is should go even higher.