The Impact of Credit Unions on Georgia

Proposed Credit Union Bank Buy Scuttled At long last, state and federal regulators have taken a hard look at a massive proposed deal in which a super-large credit union attempted to purchase a bank with over $1 billion in assets. And finally, they appear to have grown tired of these antics, put their respective feet down and said, “enough is enough.”

Another Georgia Bank to Be Acquired by Credit Union SRP Federal Credit Union in North Augusta, South Carolina reached an agreement to acquire Southern Bank in Georgia – a merger that would total the assets of the credit union to $950 million.

Florida Credit Union Plans to Buy Georgia Bank The $620 million First Commerce Credit Union in Tallahassee, Fla. revealed plans to purchase and assume certain assets and liabilities of the $248 million Citizens Bank in Nashville, Ga.

VyStar Credit Union Acquires $1.6 B Georgia Bank In the largest bank acquisition to date, VyStar Credit Union entered into an agreement to purchase a $1.6 billion Georgia bank.

Large Credit Unions Continue to Snap Up Tax-Paying Banks Large credit unions remind one of the classic video game Pac-Man, moving quickly and eating up as many banks as possible as their regulator remains as ethereal as the bad ghosts chasing dear old Pac. Unfortunately, the only people with a stack of quarters to keep the game going are American taxpayers as more and more banks leave the federal tax roll when they are subsumed by large, tax-exempt credit unions.