Financial credit

Robins Financial Credit Union plans to buy personal banking company

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The $3.8 billion Robins Financial Credit Union in Warner Robins, Georgia, announced Monday that it has signed a definitive agreement to buy the $429 million Persons Banking Company in Forsyth, Georgia.

Financial terms for the second purchase this year by the credit union and the bank were not disclosed.

Person Banking Company’s 73 employees operate five branches that handle deposits of more than $406 million, serving approximately 20,000 customers.

The state-chartered bank, which specializes in commercial banking, posted net profit of $1.8 million last year, compared to $1.6 million in net profit at the end of 2020, according to its sources. FDIC call reports.

Persons Banking Company, formerly Farmers Bank, was formed in February 2015 following its merger with Peoples Bank, Bank of Perry and Spivey State Bank.

“We have a strategic commitment to bring the benefits of credit union membership to more people, while strengthening our position as a strong and trusted financial institution,” said President and CEO of Robins Financial Credit Union, Christina O’Brien, in a prepared statement. “The addition of Persons Banking Company will allow us to expand our footprint and ensure that we are able to impact the community as we live out our mission to be member, funder and partner driven. the proud community.”

The acquisition of the bank will give the credit union the ability to offer expanded products and services, in particular a full range of commercial services ranging from commercial loans to enhanced commercial deposit products, as well as more financial assets and of combined technologies, Robins Financial said in its Prepared Affirmation.

If the proposed acquisition receives approval from state and federal regulators and Persons Banking Company shareholders, it will increase Robins Financial’s assets to more than $4.3 billion and grow its membership from 239,874 to close to 260,000. The transaction is expected to close in the fourth quarter.

The first credit union-bank purchase agreement for 2022 was announced Feb. 21 when Georgia’s Own Credit Union in Atlanta, worth $3.4 billion, announced plans to buy Vinings. $685 million Bank in Smyrna, Georgia.