Alabama-based Avadian CU to buy in-state peer Citizens State Bank – CUToday

Avadian CU entered into an agreement to acquire Vernon, Ala.-based Citizens State Bank, CUToday reported Dec. 17.

The transaction will be structured as a purchase-and-assumption transaction, and the consideration will be all-cash, according to the report.

Upon completion of the deal, Avadian will have total assets of about $1.2 billion and 19 locations across Alabama.

The deal is subject to customary conditions, including the approval of Citizens Southern Bancshares Inc., Citizens State Bank's parent, and regulatory approvals. It is expected to close no later than the third quarter of 2022, CUToday reported, citing Avadian.

Honigman LLP advised Avadian in the transaction. McQueen Financial Advisors acted as financial adviser to the credit union. Olsen Palmer LLC was Citizens State Bank's financial adviser, while Jones Walker LLP was Citizens State Bank's legal adviser.

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