CHARLESTON, S.C.—The $1.1-billion REV Federal Credit Union here is reaching outside its state’s borders to purchase $152-million First Neighborhood Bank, based in Spencer, W.Va. The two institutions are approximately 520 miles apart.
Terms of the agreement, and an expected closing date, were not disclosed.
“Our mission is growth with purpose,” REV FCU President and CEO Jason Lee said in a statement. “This purpose is centered around member impact, social impact, economic impact, and ensuring our long-term survivability. Last year, we had an economic impact of $3.6 billion, donated $136,000, generated over 3,500 volunteer hours, and contributed to the financial well-being of our members. Through this partnership, we want to be actively engaged in the community and create this level of impact in the Mid-Ohio Valley region.”
Added Dave Righter, CEO of First Neighborhood Bank, in a statement, “REV has a proven track record of creating significant impact in the communities it serves. I’m excited to bring its mission of growth with purpose to West Virginia and enhance our ability to serve the financial needs of this region."
Bank Posted Loss
REV CU made $3.3 million through June of 2024 and $7 million last year, according to Call Report data. Capital stands at 14.49%.
First Neighborhood Bank lost $277,000 through the first quarter of 2024 and made $533,000 last year, according to FDIC data.
“2024 brings us another first-ever state,” said Michael Bell, a partner and chair of the Financial Institutions Practice Group at Honigman, LLP, which is representing REV FCU. “It is the first credit union purchase of a bank in West Virginia and underscores the growing appeal of these deals to banks across the country. When community based financial institutions partner together Main Street America wins.”
Bell has been part of more than 60 whole-bank agreements, plus additional bank branch purchases.
Other Deals to Date in 2024
As CUToday.info reported earlier, other bank acquisitions announced by credit unions to date in 2024 include:
- The $5.8-billlon Spokane Teachers Credit Union (STCU) here has agreed to buy the $550-million Community Bank based in Joseph, Ore.
- The $1.52-billion ELGA Credit Union is reaching well beyond its state’s borders to buy the $650-million Marine Bank & Trust, based in Vero Beach, Fla.
- The $2.5-billion Atlanta Postal Credit Union and its subsidiary Center Parc CU are purchasing the $870-million Affinity Bank, based in Covington, Ga.
- The $1.2-billion Pima Federal Credit Union has agreed to purchase the $272-million Republic Bank of Arizona, based in Phoenix.
- The $4.9-billion American Heritage Federal Credit Union here has agreed to buy three branches of LINKBANK, which is headquartered in Camp Hill, Pa., the bank reported.
- The $4.7-billion TDECU in Lake Jackson, Texas, has agreed to buy the $1.2-billion Sabine State Bank and Trust, based in Many, La.
- The $1.9-billion Harborstone Credit Union in Lakewood, Wash., has announced plans to buy Mt. Vernon, Wash.-based SaviBank.
- The $2-billion Empeople Credit Union in Moline, Ill., acquired the $182-million TSB Bank in Lomira, Wis.
- Beacon Credit Union, Wabash, Ind., acquired Mid-Southern Savings Bank of Salem, Ind. for approximately $45 million.
- In Tacoma, Wash., the $2.9-billion Sound Credit Union here has agreed to buy $104-million Washington Business Bank, based in Olympia, Wash.
- The $2.9-billion Advia Credit Union, Kalamazoo, Mich., reached into Illinois with to purchase the $255-million NorthSide Community Bank.
- The $7-billion Hudson Valley Credit Union is purchasing the $593-million Catskill Hudson Bank in Kingston, N.Y., for $28.6 million.
- The $11.8-billion Global FCU in Anchorage, Alaska is buying the $1.5-billion First Financial Northwest Bank in Renton, Wash.
- The $7-billion Hudson Valley Credit Union here is purchasing eight locations from Boston-based Berkshire Bank.
- The $2.98-billion All-In Credit Union in Daleville, Ala. is buying five branches and the book of business from Louisville, Ala.-based 22nd State Bank.