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The $2.2 billion Y-12 Federal Credit Union in Oak Ridge, Tenn., completed its acquisition of the $411 million First State Bank of the Southeast (FSB) in Middlesboro, Ky., on July 1.
The credit union said the strategic acquisition is a key component to its long-term growth strategy.
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“This is an exciting and transformative moment for our organization,” Y-12 Credit Union President/CEO Dustin Millaway said in a prepared statement. “The completion of this acquisition allows us to bring our credit union membership benefits to thousands of new individuals and businesses throughout Southeast Kentucky and Northeast Tennessee. We’re honored to continue FSB’s long-standing community legacy while introducing expanded services and digital tools that create even more financial opportunity.”
The combined organization’s 428 employees will manage more than $2.6 billion in assets and $2.1 billion in loans, operate 24 locations and serve over 140,000 members.
For now, the bank’s branches will continue normal operations as FSB, a division of Y-12 Credit Union. This name and brand will remain in place until a full system integration is completed in 2026.
Peter Strozniak can be reached at [email protected].
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Peter Strozniak
Credit Union Times reporter covering credit union operations, fraud, M&As, leagues, business continuity, and breaking news.
