Y-12 FCU strikes 19th CU-bank tie up of 2024 with acquisition of Kentucky bank
Prior to 2024, the most credit union-buying-bank deals ever announced in a year was 16, but with more than two months left on the calendar, that record will likely be shattered.
Oak Ridge, Tennessee-based Y-12 Federal Credit Union will enter the Kentucky market with the acquisition of First State Bank of the Southeast, which is headquartered in Middlesboro.
The $2.2 billion-asset credit union did not disclose the price it paid for the $415 million-asset bank in a press release Wednesday morning.
Y-12 said the acquisition is part of its ongoing growth strategy to strengthen its position in the region.
The bank has eight branches throughout southeast Kentucky and northeast Tennessee. Y-12 has 16 branches to serve its 114,000 members, mostly clustered in the northeast region of Tennessee.
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