Tuscaloosa-based Alabama ONE Credit Union is acquiring Peoples Independent Bank. .Announced Feb. 18, the deal is expected to close in the second half of this year and create a nearly $1.9 billion credit union. The $476 million, Boaz-based Peoples Independent Bank has nine branches in the northern part of the state along with $432 million in deposits and $196 million in loans and leases. AlabamaOne has 31 branches across Alabama. The price of the acquisition was not announced Olsen Palmer LLC, Washington, D.C., was financial adviser to Peoples Independent Bancshares. Sixteen CU-bank deals were announced last year, down from a record 22 In 2024. According to an IntraFi study, 86 percent of bankers blame uneven competition that places community banks at a disadvantage — credit unions are tax-exempt — is to blame for the relatively high number of such transactions in recent years.
