August 31, 2023 – Dothan, AL-based Five Star Credit Union announced today that it has entered into an agreement to acquire Abbeville, GA-based Wilcox County State Bank. The deal will be structured as a purchase and assumption transaction, and the consideration will be all-cash. Other financial terms were not disclosed.
Upon consummation, Five Star will have total assets of approximately $950 million and will expand its footprint to 23 full-service banking locations across lower Alabama and south and middle Georgia with the addition of Wilcox County State Bank’s four offices in Abbeville, Rochelle, Milan and Ocilla, GA.
“Five Star Credit Union is member-focused and our purpose is to brighten the financial future of the communities we serve. Wilcox County State Bank has similar values for its customers,” said Bob Steensma, President and CEO of Five Star Credit Union. “This is a great opportunity to put our combined experiences together to show how a community-focused financial institution can give a great banking experience. We’re excited to welcome Wilcox County State Bank’s customers and staff to the Five Star family.”
“Wilcox County State Bank has strategically and successfully grown over its 71 years,” said Mike Durden, President and CEO of Wilcox County State Bank. “Five Star has demonstrated their commitment to relationship banking in smaller communities. They understand our customers and their unique needs. The combination of the two organizations will be a great fit for our customers and for the communities we serve.”
The transaction, which has been unanimously approved by the Board of Directors of both institutions, remains subject to customary closing conditions including the approval of Wilcox County State Bank’s shareholders and the receipt of all necessary regulatory approvals. It is expected to be completed by the second quarter of 2024.
D. A. Davidson served as financial advisor to Five Star Credit Union while Honigman, LLP served as legal advisor. Martin Snow, LLP served as legal advisor to Wilcox County State Bank.
About Five Star Credit Union
Dothan, AL-based Five Star Credit Union was founded in 1964 in Cedar Springs, GA as Cedar Springs Federal Credit Union to serve the employees of Great Southern Paper Company. Today Five Star serves more than 56,000 members through 19 full-service locations across 28 counties in lower Alabama and southern Georgia. As of June 30, 2023, Five Star had total assets of approximately $775 million. For more information on Five Star, please visit www.fivestarcu.com.
About Wilcox County State Bank
Originally chartered as Abbeville State Bank in Abbeville, GA in 1952, the name was changed to Wilcox County State Bank when the board decided to branch to nearby Rochelle, thereby increasing the bank’s primary market area to include all of Wilcox County, GA and the surrounding communities. Wilcox County State Bank is a full-service community bank serving customers through 4 offices in southern Georgia. As of June 30, 2023, Wilcox County State Bank had total assets of approximately $180 million. For more information on Wilcox County State Bank, please visit www.wilcoxcountystatebank.com.
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