First Bank, a wholly-owned subsidiary of Peoples Independent Bancshares, Inc., and Alabama ONE Credit Union announced that Alabama ONE has acquired most of the assets and assumed most of the liabilities of First Bank. The transaction was structured as a purchase and assumption transaction, and the consideration was all-cash. Other financial terms were not disclosed.
Olsen Palmer LLC served as financial advisor to Peoples Independent Bancshares, Inc.
With this transaction, Peoples Independent Bancshares, Inc. and its other wholly-owned banking subsidiary, Peoples Independent Bank, will continue normal operations as ongoing entities.
First Bank is a full-service community bank with total assets of approximately $130 million. With this transaction with First Bank, Alabama ONE has total assets of approximately $1.2 billion and 25 branches across Alabama.