ABNB wins approval for North Carolina branch deal.
The Virginia credit union will add two branches as First Bank trims its footprint, continuing a run of credit union expansion through whole-bank and branch deals.
ABNB Federal Credit Union has cleared the regulatory hurdles for its acquisition of two First Bank branches in North Carolina, giving the credit union an entry into Roanoke Rapids and Louisburg as the seller continues to reduce its branch footprint.
The National Credit Union Administration and Federal Deposit Insurance Corporation have approved the transaction, which is expected to close Oct. 9.
ABNB, headquartered in Chesapeake, has more than 76,000 members nationwide and more than $900 million in assets. It earned $157,000 in the first six months of 2026, up from $141,000 in the same period a year earlier, according to NCUA call report data.
“Regulatory approval is an important milestone and reflects our disciplined approach to growth through thoughtful partnerships,” said Charles A. Mallon Jr., ABNB’s president and chief executive. “Our focus now is ensuring a seamless transition for customers and employees.”
The deal was announced in February, when ABNB agreed to acquire the two North Carolina locations from First Bank, a subsidiary of First National Corporation.
First National, based in Strasburg, Virginia, operates 33 offices across the Shenandoah Valley, Roanoke Valley, Richmond metropolitan area, south-central Virginia and northern North Carolina. As part of a broader branch optimization plan, the bank plans to reduce its network to 28 offices.
The two North Carolina branches are being sold as part of that effort. First National also plans to consolidate three Virginia offices into nearby branches and has closed two loan production offices in North Carolina.
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“These strategic decisions reflect our ongoing commitment to operating as an efficient, forward-thinking community bank while maintaining the personal touch and local focus that define us,” said Scott Harvard, chief executive of First National Corporation.
For ABNB, the transaction provides an opportunity to broaden its presence while retaining local employees, according to the credit union. Mallon said the organization intends to build on the relationships already established in the communities.
The branch deal also arrives against a backdrop of continued expansion and consolidation involving credit unions and banks. Sixteen credit union-bank deals were announced in 2025, according to the information provided, just below the record 22 announced in 2024. Six such transactions have been announced so far in 2026.
The activity has included deals of very different sizes and structures, from branch transactions like ABNB’s to whole-bank acquisitions. Most recently, Gulf Winds Credit Union in Pensacola, Florida announced an agreement to acquire Madison County Community Bank.
ABNB said it will continue looking for strategic opportunities that expand access to relationship-based financial services while investing in its employees and the communities it serves.
The Oct. 9 closing remains the next milestone for the North Carolina transaction. Until then, the credit union and bank will work through the final steps needed to transfer the branches and complete the transition for employees and customers.
“Our focus now is ensuring a seamless transition for customers and employees.”
– Charles Mallon Jr.
President & CEO
ABNB Federal Credit Union
Ken McCarthy is manager of marketing communications at Tyfone, where he monitors the credit union industry and contributes to conversations shaping its future. He previously covered credit unions and community banking for American Banker and S&P Global Market Intelligence. He holds a journalism degree from Point Park University and has more than 15 years of experience covering financial services. He is also the author of three literary fiction novels.
