Banking

Georgia’s Own signs first credit union-bank deal of 2022

In the first deal of 2022 involving a credit union buying a bank, Georgia’s Own Credit Union in Atlanta has agreed to buy Vinings Bank in Smyrna, Georgia.

It is the second bank deal for the $3.4 billion-asset credit union. Georgia’s Own bought Fayetteville-based State Bank of Georgia in 2018.

Georgia’s Own, the third-largest credit union in Georgia, said in a press release Monday that it will submit to regulatory agencies a proposal to acquire the $653 million-asset bank after the two organizations agreed upon financial terms, which were not disclosed.

Vinings Bank was established in 2007 and has locations in Smyrna and Alpharetta.

“We are thrilled at the opportunity to partner with Vinings Bank,” said Georgia’s Own President and CEO Dave Preter in the press release. “We are committed to making this venture a positive one for everyone involved. Through this alliance, we feel confident that we can deliver added value and exceptional products and services to our members and the community.”

Georgia’s Own said it plans to retain all 47 full-time equivalent employees of Vinings Bank.

Last year 13 banks agreed to be sold to credit unions, approaching 2019’s record of 16 such announcements. This year that number is predicted to rise even higher.



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