Family Savings Credit Union to acquire two north Alabama bank branches.
The deal for Citizens Bank & Trust locations would transfer $63 million in deposits and loans as the credit union expands its footprint.
Family Savings Credit Union, a $1.1 billion-asset institution based in Rainbow City, Alabama, has agreed to acquire two North Alabama branches of Citizens Bank & Trust, marking another step in the credit union’s steady regional expansion.
Under the agreement, Family Savings will purchase the Elkmont and Rogersville branches of Citizens Bank & Trust for an undisclosed amount. The transaction includes the physical locations and most of the deposit and loan accounts associated with the branches. The deposits and loans to be transferred total approximately $44 million and $19 million, respectively, according to the credit union.
The proposed sale is subject to customary closing conditions and regulatory approval and is expected to be completed in the second half of this year.
Family Savings, founded in 1951, serves more than 70,000 members across 14 locations in Alabama and Georgia. The acquisition aligns with the credit union’s growth plans in Lauderdale and Limestone counties, executives said.
“We are committed to serving these markets and look forward to welcoming Citizen’s customers as the newest members of Family Savings,” Danny Varnon, the credit union’s chief executive, said in a statement.
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Citizens Bank & Trust, founded in 2003, has assets of $1.1 billion and operates 10 branches and a loan production office in North Alabama. After the sale, it will continue to operate through its headquarters in Guntersville.
The transaction is the second recent bank-branch acquisition by Family Savings. In late 2024, the credit union said it would purchase two branches — in Valley Head and Ider — from Huntsville-based Merit Bank. Those locations held approximately $27 million in deposits and $4 million in loans. Financial terms of that deal were not disclosed.
Credit unions’ expansion through acquisitions of bank branches — and occasionally entire banks — has become more common in recent years. Sixteen credit union–bank acquisitions were announced in 2025, according to S&P Global Market Intelligence, slightly below the record 22 announced in 2024 but still historically high.
One of last year’s deals involved another Alabama bank. Legacy Community Federal Credit Union in Birmingham, Alabama, agreed to acquire the $104 million-asset First Community Bank.
Thus far in 2026, one such deal has been announced: Zeal Credit Union of Livonia, Michigan, and The Miners State Bank of Iron River said in January that they had entered into a definitive agreement under which Zeal would acquire substantially all of the bank’s assets and liabilities in an all-cash transaction.
Family Savings reported earning nearly $10 million in 2025 according to NCUA call report data, up from $7.4 million in 2024, reflecting continued growth as it expands its footprint in North Alabama.
