North Carolina flag.
ABNB Federal Credit Union has reached an agreement to acquire two First Bank of Virginia branch locations in north central North Carolina, expanding the credit union's regional presence while maintaining local banking access for customers and businesses.
The branches in Roanoke Rapids and Louisburg will transition to the Chesapeake, Va.-based credit union later this year, pending regulatory approval and customary closing conditions. Customers will move into ABNB's member-owned cooperative structure, which the credit union said emphasizes relationship-based service and community engagement.
No job losses are expected, with both institutions planning to retain employees and leadership teams to ensure continuity.
"We are pleased to welcome the communities of Roanoke Rapids and Louisburg to ABNB," President/CEO Charles A. Mallon Jr. said. "As a member-owned credit union, we're dedicated to providing financial opportunities that improve our members' lives and strengthen the communities we serve."
ABNB currently operates 14 branches across northeastern North Carolina and Virginia's Hampton Roads region and serves more than 81,000 members. The credit union has grown significantly in recent years, increasing assets from under $700 million to nearly $1 billion.
First Bank customers will receive additional information ahead of the conversion to help ensure a smooth transition, according to the credit union. Financial terms of the transaction were not disclosed.
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