Five Star Credit Union Plans Second Bank Purchase

The $317 million Five Star Credit Union in Dothan, Ala., signed an agreement Wednesday to purchase the $47 million Farmers State Bank in Lumpkin, Ga., the cooperative’s second bank purchase in less than a year.

Though Five Star CU would not disclose financial terms of the deal, its President/CEO Bob Steensma, said “we got a nice deal on it” because Farmers State Bank was facing financial challenges and had been up for sale for a while.

In May 2014, federal regulators approved Five Star’s first bank acquisition of the $21 million Flint River National Bank in Camilla, Ga.

Read More at Credit Union Times

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