Legacy Credit Union Expands with Acquisition of First Community Bank
Deal News | Mar 18, 2025 | EIN
Legacy Community Federal Credit Union has announced a definitive agreement to acquire the assets and liabilities of First Community Bank of Cullman in an all-cash transaction. The move reflects Legacy's commitment to expanding its services beyond the Greater Birmingham Area into Cullman, Alabama. The acquisition has been unanimously approved by both institutions' boards and is pending regulatory approval. This strategic expansion brings together two community-focused financial institutions with a shared philosophy of excellence in service. Legacy's President and CEO, Glenn Bryan, emphasizes the alignment of company cultures and the synergy potential in delivering enhanced financial solutions to Cullman residents. Billy Faulk, President and CEO of First Community Bank, believes the partnership will take their service to the next level, benefiting customers and the community. The acquisition is expected to complete later this year, with both organizations represented by well-known legal and financial advisors.
Sectors
- Banking
- Financial Services
Geography
- United States – The acquisition involves financial institutions based in the United States, specifically Alabama.
- Alabama – The transaction focuses on expanding services within Alabama, primarily in Cullman County.
Industry
- Banking – The article discusses a merger between two financial institutions, focusing on the expansion of banking services.
- Financial Services – The acquisition is part of broader strategic expansion in the provision of financial services in the Cullman area.
Financials
- Not disclosed – The transaction is described as an all-cash deal, though the specific financial terms have not been disclosed.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Legacy Community Federal Credit Union | Acquiring Company | Company | Legacy Credit Union seeking to expand its regional presence by acquiring assets of First Community Bank. |
| First Community Bank of Cullman | Target Company | Company | An established bank in Cullman, Alabama, looking for a strategic partner to elevate its services. |
| Glenn Bryan | President and CEO of Legacy Credit Union | Person | Leads Legacy Credit Union's strategic initiative to acquire First Community Bank. |
| Billy Faulk | President and CEO of First Community Bank | Person | Oversees First Community Bank and supports its acquisition by Legacy Credit Union. |
| Honigman, LLP | Legal Advisor for Legacy | Company | Provides legal counsel for the transaction on behalf of Legacy Credit Union. |
| Jones Walker, LLP | Legal Advisor for First Community | Company | Represents First Community Bank in the transaction. |
| St. John & St. John, LLP | Legal Advisor for First Community | Company | Acts as one of the legal advisors for First Community Bank. |
| Hovde Group, LLC | Financial Advisor for First Community | Company | Assists First Community Bank with financial advisory services for the merger. |