Avadian Credit Union agrees to buy Alabama bank

Avadian Credit Union in Huntsville, Ala., has agreed to buy Citizens State Bank in Vernon, Ala. 

The $1.1 billion-asset Avadian entered into a purchase and assumption agreement with Citizens Southern Bancshares, the parent of the $85.4 million-asset Citizens State, according to an announcement by Olsen Palmer, which represented the seller. 

The price of the all-cash deal was not disclosed. 

The deal is expected to close in the third quarter.