Family Savings Credit Union (“Family Savings”) and Merit Bank (“Merit”) announced that they have entered into an agreement whereby Family Savings will acquire the Valley Head, AL and Ider, AL branches of Merit. Upon consummation of the transaction, Merit will continue to operate as an independent community bank.
Olsen Palmer LLC served as financial advisor to Merit Bank.
Under the terms of the agreement Family Savings will acquire the physical locations and most of the deposit and loan accounts associated with the branches; as of the date of this announcement the deposits and loans to be conveyed by Merit to Family Savings are approximately $27 million and $4 million, respectively.
The proposed transaction is subject to customary closing conditions as well as approval by applicable regulatory authorities. It is expected to be completed in the first half of 2025.