Chesapeake, Va.-based ABNB Federal Credit Union is acquiring two branches in north central North Carolina from First Bank of Virginia. .The branches, in Roanoke Rapids and Louisburg, are expected to transition to the credit union later this year. First Bank, which is based in the northern Virginia town of Strasburg, had more than $2 billion in assets, $1.8 billion in deposits and $1.4 billion in net loans and leases as of late January. ABNB has 14 branches in North Carolina and Virginia, serving more than 81,000 members. The credit union has grown in recent years, to nearly $1 billion from $700 million.Financial terms of the deal have not been disclosed. Last month, First Bank announced the sale was part of a broader plan to consolidate three branches into nearby locations, reducing its branch footprint to 28 from 33. First Bank also recently shuttered two LPOs in North Carolina. “By optimizing our delivery footprint, we can invest more effectively in technology, staff training and community initiatives that directly benefit our customers and neighbors,” said CEO Scott Harvard. The deal came less than one week after Milwaukee-area Landmark Credit Union announced it will acquire Appleton, Wis.-based American National Bank-Fox Cities later this year.
