Executives with Atlanta Postal Credit Union (APCU) and its community-based subsidiary Center Parc Credit Union, have reached a purchase agreement with Affinity Bank to acquire the bank’s assets and liabilities in an all-cash deal which is expected to close sometime in the fourth quarter of 2024 or possibly early in 2025.
- Atlanta Postal Credit Union and its subsidiary Center Parc Credit Union have agreed to buy Covington, Georgia-based Affinity Bank in an all-cash transaction, the companies announced Thursday.
- The final purchase price was not disclosed. However, APCU said it would pay enough so that Affinity Bank can distribute $22.50 per share to its shareholders. The per-share payout amount is subject to potential increases based on the levels of tax payments involved in the transaction, the companies said.
- The transaction is expected to close in the fourth quarter of this year or the first quarter of 2025.
