ABNB Federal Credit Union announced today a purchase agreement to acquire two First Bank branch locations in Louisburg and Roanoke Rapids, North Carolina. The acquisition will expand ABNB’s footprint in the region, bringing its total number of branches in northeastern and north-central North Carolina to four.
The agreement allows ABNB, a not-for-profit, member-owned financial institution with over 81,400 members nationwide, to further its community-focused approach to financial services. According to the press release, the move aligns with ABNB’s long-term growth strategy and will allow the credit union to better serve members in growing North Carolina markets.
The First Bank branches to be acquired are located at 202 North Main Street in Louisburg and 778 Old Farm Road South in Roanoke Rapids. ABNB currently operates branches in Elizabeth City and Moyock, North Carolina.
ABNB stated that no job losses are anticipated as a result of the acquisition. Employees currently working at the Louisburg and Roanoke Rapids branches will be offered employment with ABNB upon completion of the transaction, pending regulatory approvals. The credit union emphasized its commitment to retaining and supporting its team to ensure uninterrupted service.
Customers of the First Bank branches will benefit from member-focused banking, personalized service, and access to innovative digital banking tools, ABNB said. The transition will also provide access to potentially better rates and lower fees, consistent with the benefits of a not-for-profit, member-owned cooperative.
For the time being, ABNB advises customers of the acquired branches that it will be “business as usual,” with continued access to existing accounts, cards, and checks. Details regarding the transfer of loans and deposit accounts are still being finalized, and customers will receive direct communication from both First Bank and ABNB outlining any required actions and key dates.
Deposits will continue to be federally insured, transitioning from the Federal Deposit Insurance Corporation (FDIC) to the National Credit Union Administration (NCUA) through the National Credit Union Share Insurance Fund (NCUSIF), with coverage remaining at $250,000 per depositor, per institution. ABNB also participates in ModernFi’s additional deposit insurance program, offering potential coverage beyond standard federal limits for eligible accounts, with further details to be shared during the transition.
ABNB indicated that current branch hours at the Louisburg and Roanoke Rapids locations will be evaluated and potentially aligned with standard ABNB operating hours, with any changes communicated in advance. The branches will eventually transition to ABNB’s systems and platforms, and employees will receive the necessary training and support.
The transaction is subject to regulatory approvals, and ABNB will provide updates as more information becomes available. First Bank will initiate communications with its customers once approvals are received, and both organizations will continue to share information throughout the transition process.
