Robins Federal CU Buys Two Ga. Branches
Robins Federal Credit Union is expanding its central Georgia footprint by $15 million this month in purchasing all of the assets and accounts of two branches spun off by the $465 million Park Community FCU of Louisville.
The Kentucky CU said its Macon, Ga., facilities, acquired years ago in a merger of the old B&W CU, whose sponsor was the Brown & Williamson tobacco firm, no longer fit into the CU’s strategic business plan.
"We felt our future growth lies in metro Louisville," said James Spradlin, the new president/CEO of Park Community, who at year-end succeeded the retiring CEO David Eib. Spradlin previously was executive vice president.
Park Community, formed to serve General Electric Co. employees, draws its name from the GE Appliance Park in Louisville.
For its part, the $1.4 billion Robins FCU of Warner Robins, Ga. acknowledged Park Community’s selection "of us as their partner for their branches" with the transaction made effective April 1 following six months of negotiations. Terms of the deal were not disclosed.
One of the Macon branches has now been closed since it was located near an existing Robins branch. Both CUs have been healthy. Robins’ CEO John Rhea noted an ROA of 1.52% last year and 1.92% in 2011.
"We’ve been very fortunate in avoiding some of the problems elsewhere in the country," said Rhea, whose CU now has 19 branches and 132,000 members.
Park Community said it remains committed to fostering growth through its branch network in Louisville, the city’s southern Indiana suburbs and Decatur, Ala.