HOOVER, Ala. (8/26/15)--Avadian CU and American Bank of Huntsville, Ala., have entered into a purchase and assumption agreement.
The boards of both financial institutions approved the agreement, which is expected to receive regulatory approval by the end of the year.
The Hoover, Ala.-based credit union will acquire all the assets--including its employees and facilities--of the bank and assume substantially all of the liabilities of the bank, according to a press release.
“As a growing credit union looking for opportunities to expand our services in North Alabama, we are excited about this forward-thinking collaboration and believe it is a great fit all the way around,” said Linda Cencula, Avadian CU president/CEO (AL.com Aug. 25). “We look forward to welcoming American Bank of Huntsville team members and customers to the Avadian Credit Union family."
Vernon Bice, American Bank of Huntsville president/CEO, said the bank looks forward to “partnering with professionals who are like-minded in their philosophy of offering personalized and professional financial products and services.”