Alabama One Credit Union Acquires Peoples Independent Bank

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Alabama One Credit Union has announced plans to acquire Peoples Independent Bank, a bank headquartered in Boaz, Alabama. The deal is expected to close by the end of 2026 and will grow Alabama One's assets to nearly $2 billion across the state. This is the second time in the last five years that Alabama One has purchased assets from a bank as part of its long-term expansion strategy, particularly in the Wiregrass region of Alabama.

Why it matters

The acquisition allows Alabama One Credit Union to further expand its footprint in Northeast Alabama, building on its recent growth in the Wiregrass region. As a credit union, Alabama One's focus on serving its local members sets it apart from larger corporate banks, making this deal an important move to maintain a community-focused financial institution in the area.

The details

Under the terms of the deal, Alabama One Credit Union will acquire all of Peoples Independent Bank's assets and liabilities in a 100% cash transaction. Peoples Independent Bank was founded in 1988, while Alabama One has been serving members since 1951. The acquisition will not disrupt Alabama One's existing local membership.

• Alabama One Credit Union announced the acquisition on February 19, 2026.
• The deal is expected to close by the end of 2026.

What’s next

After the acquisition is finalized, Alabama One Credit Union will work to integrate Peoples Independent Bank's operations and members into its existing infrastructure.