BIRMINGHAM, Ala. and HUNTSVILLE, Ala., Aug. 25, 2015 /PRNewswire/ -- Avadian Credit Union headquartered in Birmingham, Alabama, and American Bank of Huntsville, headquartered in Huntsville, Alabama have entered into a Definitive Agreement for Avadian Credit Union to purchase American Bank of Huntsville. The Agreement has been approved by each institution's Board of Directors. The transaction is subject to customary regulatory approvals and is scheduled to close by the end of 2015.
Avadian Credit Union will assume operation of the Bank's location on Memorial Parkway which will expand Avadian's existing Huntsville market presence.
"As a growing credit union looking for opportunities to expand our services in North Alabama, we are excited about this forward-thinking collaboration and believe it is a great fit all the way around," said Linda Cencula, President and CEO of Avadian Credit Union. "We look forward to welcoming American Bank of Huntsville team members and customers to the Avadian Credit Union family."
Vernon Bice, President and CEO of American Bank of Huntsville said, "We are excited about the opportunity to combine resources with Avadian and look forward to partnering with professionals who are like-minded in their philosophy of offering personalized and professional financial products and services."
Avadian Credit Union is a full service financial institution with branches located across the state of Alabama. With assets in excess of $600 million, Avadian serves more than 70,000 members with friendly and professional service. Avadian Credit Union has a "5 STAR" Superior Rating by Bauer Financial for Safety and Soundness. Avadian Credit Union is a not-for-profit, financial cooperative that is solely owned by its members. For more information on Avadian Credit Union, visit www.avadiancu.com.
American Bank of Huntsville (the "Bank"), is located in Huntsville, Alabama. The Bank provides a wide range of banking services, including commercial, consumer and real estate loans, deposit products and other traditional banking services. For more information, visit www.americanbankofhuntsville.com.
Feldman Financial served as financial advisor and Michael M. Bell of Howard & Howard served as legal counsel to Avadian Credit Union. FIG Partners served as financial advisor and SmithAmundsen served as legal counsel to American Bank of Huntsville.
For additional information, contact:
Avadian Credit Union
SOURCE Avadian Credit Union