Avadian Credit Union has completed the acquisition of Citizens State Bank of Vernon. The sale agreement was announced in December 2021.
Avadian plans to keep both of the former CSB branches and reopen the downtown drive-thru branch in October. With the acquisition, Avadian now has 19 locations in Alabama.
“We are thrilled to be in Vernon, and to be in a part of Alabama we have not had the opportunity to serve until now,” said Linda Cencula, president and CEO of Avadian. “Every member of the existing staff was offered a position to stay on, and we are excited that so man have chosen to become a part of the Avadian family and continue to serve the Vernon community.”
Former CSB customers will now have access to additional products and services, including enhanced online and mobile banking, consumer and business credit cards and more lending options. An ATM Plus+ machine has been installed in the main Vernon branch and will allow members to perform transactions plus talk to an Avadian team member with hours that extend beyond normal business hours.
As members of a credit union, members’ accounts are insured by the National Credit Union Administration for up to $250,000, and Avadian provides deposit insurance of up to an additional $250,000 through Excess Share Insurance Corp., a licensed insurance company.
Avadian Credit Union has assets in excess of $1 billion and serves more than 85,000 members.
It is one of several credit unions across the country that have acquired banks, a trend that has ballooned in the last couple of years. To learn more on this trend and this acquisition, read our article from the March 2022 issue here.
