Alabama ONE Completes Peoples Independent Bank Deal
The merger combines the two institutions into an organization with approximately $1.9 billion in assets.
Updated on Nov. 3, 2026 in Banking
Live Poll
Do you trust that your bank or credit union merging will keep serving you well?
Alabama ONE Credit Union completed its acquisition of Peoples Independent Bank after receiving all required regulatory approvals, with the transaction closing on October 30. The combined organization now holds approximately $1.9 billion in assets.
Why it matters
The deal expands Alabama ONE's footprint across Alabama, particularly in Northeast Alabama, giving members of both institutions a larger combined network. Customers were told their account access and banking services will remain uninterrupted during the conversion.
The merged organization reports approximately $1.9 billion in combined assets following the October 30 closing. The source does not provide a breakdown of asset contributions from each institution or any post-merger branch plans.
The players
Alabama ONE Credit Union
Alabama ONE is a Tuscaloosa-headquartered credit union chartered in 1951 that serves members across the state.
The details
Peoples Independent Bank was a wholly owned subsidiary of Peoples Independent Bancshares Inc. Alabama ONE, headquartered in Tuscaloosa and chartered in 1951, announced completion of the acquisition on November 2 and said additional information will be sent to members in the coming weeks and months.
Timeline
February 18: Acquisition first announced.
October 30: Transaction closed after regulatory approvals.
November 2: Alabama ONE announced completion of the acquisition.
Market Landscape
The merger reflects continued consolidation among credit unions and community banks in Alabama, as smaller institutions combine to gain scale and broaden their service areas. It places Alabama ONE, now at roughly $1.9 billion in assets, among a growing set of regional lenders pursuing expansion through acquisition rather than new charters alone.
Customers of both institutions will keep uninterrupted access to their accounts and banking services throughout the conversion. Alabama ONE has said it will send additional information to members in the coming weeks and months.
The takeaway
Account holders at either institution should watch for communications from Alabama ONE in the coming weeks and months about how the conversion will affect their accounts. Keeping an eye on those updates helps members stay informed through the transition.
Further reading
For more on how institutions like this operate, see Banking coverage across Alabama.
Source note: This article includes information reported by WEIS | Local & Area News, Sports, & Weather.
Live Poll
Do you trust that your bank or credit union merging will keep serving you well?
