Tuscaloosa-based Alabama Credit Union said today it has agreed to acquire Security Federal Savings Bank of Jasper.
Though the terms of the sale to the credit union were not disclosed, the transaction will bring ACU’s total assets to $1.3 billion.
“We are very excited that Security Federal Savings Bank has agreed to join with Alabama Credit Union, bringing together two organizations that have a shared philosophy of putting our members and customers first,” said Steve Swofford, president and CEO of ACU. “This is another step in our plan to enhance the member value and experience for our many existing members that live or work in Walker County. We also look forward to welcoming Security Federal Savings customers as new members of ACU and believe they will appreciate our approach of providing exceptional personal service along with additional financial products. Security Federal Savings’ customers will see familiar faces when they visit the new ACU office, as employees of the Security Federal Savings staff will be joining ACU’s staff.”
Todd Thompson, president and CEO of Security Federal Savings, echoed Swofford’s sentiments.
“We’re thrilled to join forces,” he said. “We share many values and business philosophies that will enable this agreement to be a win for all parties involved. And especially for our customers who can look forward to expanded solutions and convenience while enjoying the same friendly service they’ve come to expect here in Jasper. It was also extremely important for us to partner with an organization as committed to supporting the local community in various ways, and Alabama Credit Union certainly has that reputation across the state.”
Read more about credit unions in Alabama.