Barksdale Federal Credit Union buys a bank | Credit Union Journal
Barksdale Federal Credit Union in Bossier City, Louisiana has agreed to buy HomeBank of Arkansas for an undisclosed price. This is the fourth transaction involving the sale of a bank to a credit union in the past 10 days.
“This acquisition will expand our presence in Arkansas and will also result in an expanded product, service and technology offering for HomeBank customers,” said Patrick Gullatt, president and CEO of Barksdale, an asset of $2 billion, in a press release this week. .
HomeBank in Greenbrier, Arkansas, is a $74 million asset unit of Peoples Home Holding and has five branches.
If regulators approve the deal, Barksdale would have 30 branches in Arkansas, Louisiana and Texas.
Agreements between credit unions and banks have been controversial. Professional associations of the banking sector oppose them because they believe the federal tax exemption given to credit unions gives them more leverage in price negotiations. Others argue that credit unions make auctions more competitive, add to sellers’ limited options in smaller markets, and tend to retain sellers’ employees.
In 2021, there were 13 instances of a bank being purchased by a credit union, slightly below the record 16 such transactions in 2019.
Assets of $4.8 billion Summit Credit Union in Madison, Wisconsin, said Thursday it had agreed to buy Commerce State Bank in West Bend, Wisconsin. In addition, two other agreements between credit unions and banks have recently been concluded in Georgia: Robins Financial Credit Union at Warner Robins on Monday announced plans to buy Persons Banking Co. from Forsyth, and Georgia Credit Union in Atlanta announced on February 21 that it would buy Vinings Bank in Smyrna, Georgia.
More credit cooperative offers – banks are expected this year.