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The $751 million AltaOne Federal Credit Union is expected to open a new branch on Monday after its purchase of the Ridgecrest, Calif., location from Mission Bank.
The Ridgecrest-based credit union said it decided to purchase the bank branch to expand its investment in the community, particularly in the city's northern market.
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AltaOne agreed to purchase the loans and assume the deposits of Mission Bank's Business Banking Center in December. Financial terms of the deal were not disclosed.
The bank's business location managed approximately $24 million in loans and $34 million in deposits.
In May, the credit union said the opening of the bank branch under the AltaOne brand had been delayed to work out the final steps of the acquisition process with regulators.
The purchase of a bank branch by a California credit union is rare. The last transaction occurred in May 2011 when the $1 billion Southland Credit Union in Los Alamitos purchased one branch from Fullerton Community Bank.
With the addition of the Ridgecrest location, Alta One's 166 employees operate 12 branches and serve more than 53,000 members.
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Peter Strozniak
Credit Union Times reporter covering credit union operations, fraud, M&As, leagues, business continuity, and breaking news.
