Alabama Credit Union agrees to buy Security Federal

Alabama Credit Union in Tuscaloosa has agreed to buy Security Federal Savings Bank in Jasper, Ala.

The $1.3 billion-asset credit union said in a press release Thursday that it expects to close the all-cash deal for the $39 million-asset bank in the first quarter. Alabama Credit Union did not disclose the price it will pay.

“We are very excited that Security Federal has agreed to join with Alabama Credit Union, bringing together two organizations that have a shared philosophy of putting our members and customers first,” Steve Swofford, the credit union’s CEO, said in the release.

“This is another step in our plan to enhance the member value and experience for our many existing members that live or work in Walker County,” Swofford added.

Alabama Credit Union has 33 branches and 105,000 members in Alabama and Florida.

Michael Bell at Honigman advised the credit union. Olsen Palmer advised Security Federal parent Se-Fed Bancshares.