Guardian Credit Union announced that it has reached an agreement with SouthCrest Financial Group to purchase its two Alabama offices and all related deposits and assets.The sale, subject to regulatory approval, is expected to close in early 2017.
“We are pleased to be acquiring two branches from a bank that has similar values and culture,” said Heath Harrell, president and CEO of the $375-million Guardian Credit Union. “We are excited to join with like-minded employees and customers in Chilton County, as this is a win for all employees, customers, members, and the community. The acquisition furthers our growth strategy and positions us as a premier credit union in Central Alabama.”
Guardian will pay a 5 percent deposit premium on the total deposits transferred, which are expected to be about $45 million, and purchase more than $6 million worth of loans.
The bank branches, one located in Clanton, AL, and the other in Maplesville, AL, will give Guardian 14 locations across the state.