Waco, Texas-based Alliance Bank Central Texas on March 26 acquired Texas Farm Bureau FCU.
Alliance Bank Central Texas Senior Vice President Clarence Hennig told S&P Global Market Intelligence that Texas Farm Bureau FCU members approved the deal March 25, and the bank will acquire the credit union's loans on or after April 1. The bank did not acquire the credit union's deposits, he said.
That means "members are in the process of closing or transferring the accounts over the next few weeks," Hennig said in an email.
Alliance Bank Central applied to the Federal Deposit Insurance Corp. in January to acquire Texas Farm Bureau FCU's loans, which means it will acquire substantially all of the credit union's assets.
The Texas Department of Banking on Feb. 28 approved the bank's purchase and assumption of the credit union's single branch, which is located at the headquarters of the Texas Farm Bureau in Waco. The bank will open a full-service branch there, according to a press release.
As of Dec. 31, 2018, Alliance Bank Central had total assets of $315.7 million, and Texas Farm Bureau FCU had total assets of $6.7 million, according to S&P Global Market Intelligence data.
Alliance Bank Central Texas is a unit of ABCT Holdings Inc.