Georgia’s Own Credit Union, a $2.3 billion-asset institution based in Atlanta, has finalized its acquisition of State Bank of Georgia, completing the first time in the history of Georgia a credit union has acquired a bank.
The proposed transaction was first announced late last year.
“We’re excited to be a part of this historical moment in Georgia’s financial arena, but even more so to be gaining employees and members from an organization whose extremely high service standards and commitment to member prosperity so closely mirrors those of our own.” stated Dave Preter, president & CEO of Georgia’s Own. “In addition, the connection they have made with the citizens and businesses in the Fayetteville community will be an integral part of our growth as we continue to expand our operations throughout the state.”
Lacy Curry, former board chairman of SBG, said all of the bank’s customers will have the opportunity to become members of the credit union, and that Georgia’s Own has designated a number of staff and additional resources to ensure a “seamless transition” and welcome for the SBG customers and team members.
“Providing our customers with the utmost in financial value was always our top priority and I’m thrilled that they will now have the opportunity to become members in one of the state’s premier financial institutions,” added Curry. “This partnership will provide them with more extensive loan options, lower loan rates, higher deposit yields, and a broader service platform all while maintaining the culture and customer-first philosophy that we cultivated throughout the years.”
Georgia’s Own CU was advised in this transaction by Michael Bell, Esq., from Howard and Howard of Royal Oak, Mich. as legal counsel.
Bell told Credit Union Journal by email that this is a “win-win” transaction.
“The employees, customers and community associated with SBG will now experience the credit union difference,” he said. “Georgia’s Own has just grown non-organically in a responsible and revenue-positive manner.”
Georgia’s Own posted net income of about $8.1 million in the first six months of 2018, after recording net income of about $16.5 million in calendar 2017.