The $606 million Avadian Credit Union in Birmingham, Ala. has signed an agreement to buy the financially struggling American Bank of Huntsville, Ala., according to an Aug. 24 letter to the shareholders of the bank's parent company, ABH Bancorp Inc.
On Aug. 20, the board of directors of the American Bank of Huntsville authorized its management to enter into a purchase and assumption agreement with Avadian Credit Union, which changed its name from Alabama Telco Credit Union in January.
Under the terms of the agreement, Avadian Credit Union will buy for an undisclosed sum all of the bank's assets including its employees and facilities, and substantially assume all of its liabilities.
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