Thursday, February 19, 2015

Five Star CU to Buy Another Bank

Farmers State Bank in Lumpkin, Ga. has agreed to be acquired by Five Star Credit Union in Dothan, Ala.

The two parties said Wednesday they have signed a purchase agreement that must be approved by federal regulators and Farmers State Bank shareholders. Terms of the deal were not disclosed.

Five Star Credit Union said it plans to buy all of the assets of the Lumpkin-based bank, which has $47 million in assets and will continue to operate the bank's three branches.

Five Star Credit Union reported $318 million in total assets as of December 31. It has 13 branches in Alabama and Georgia.

This will be the second bank acquired by Five Star. In June 2014, Five Star purchased Flint River National Bank of Georgia.

Read the story.
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