Legacy Community Federal Credit Union and First Community Bank of Cullman have jointly announced the execution of a definitive agreement under which Legacy will acquire the assets and liabilities of First Community. The agreement marks a strategic milestone for both organizations and has received unanimous approval from the Board of Directors of each institution.
This transaction represents a natural alignment of two financial institutions deeply rooted in community-focused service. With complementary values and a shared commitment to delivering personalized financial solutions, Legacy and First Community aim to enhance service offerings and expand their collective footprint.
“Legacy has been committed to crafting financial solutions for the communities we serve for over seventy years,” said Glenn Bryan, President and CEO of Legacy Community Federal Credit Union. “Our culture emphasizes excellence, education, energy, and empowerment, and we look forward to bringing this approach to financial services to the people of Cullman County. First Community Bank has built a similar tradition of service over the last century, and we are excited to work together as we expand into this vibrant market.”
Billy Faulk, President and CEO of First Community Bank of Cullman, echoed the sentiment, stating, “After decades of dedicated service to the Cullman area, our Board of Directors made the decision to seek a partner who could take our service to the next level. Following an extensive search, we found that partner in Legacy. We are confident this decision will provide lasting benefits to our customers and the Cullman community for years to come.”
The combination of these two strong institutions is expected to create significant opportunities for growth and enhanced services. The expanded organization will offer a comprehensive range of consumer and business banking solutions, including advanced digital banking capabilities, competitive checking account options, and high-yield savings products.
The transaction will be structured as an all-cash acquisition. Financial terms have not been disclosed. The deal remains subject to customary regulatory approvals and is anticipated to close later this year.
Legacy Community Federal Credit Union is represented by Michael Bell of Honigman, LLP, as legal counsel. First Community Bank of Cullman is represented by Jones Walker, LLP, and St. John & St. John, LLP, as legal counsel, with Hovde Group, LLC serving as financial advisor.
Upon completion, this acquisition is expected to reinforce both institutions’ long-standing commitment to community banking while delivering enhanced value and convenience to their members and customers.
