From the Credit Union Times:
The acquisition of the $21 million Flint River National Bank in Camilla, Ga., by the $258 million Five Star Credit Union in Dothan, Ala., was approved Wednesday by NCUA, said Robert A. Steensma, president/CEO of Five Star CU.
“We’re happy to have received approval of the NCUA, the fifth and final regulator,” Steensma said. “We are planning to assume the bank June 1, and we plan to do the operational conversion this weekend as well.”
The 24,865-member credit union has already secured its community charter to serve Mitchell County, Ga., which will enable Flint River National Bank customers to automatically become Five Star CU members, Steensma said.
The bank’s five employees will retain their positions.
The Five Star CU/Flint National Bank deal will represent the fifth acquisition of a credit union acquiring a bank over the last two years.
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