The $1.4 billion RobinsFederal Credit Union has grown its central Georgia footprint by$15 million this month with the purchase of the assets and accountsof two branches being spun off by the $465 million Park Community FCU ofLouisville.
|The Kentucky CU said its Macon, Ga. facilities, acquired yearsago in a merger of the old B&W CU, whose sponsor was the Brown& Williamson tobacco firm, no longer fit into the CU'sstrategic business plan.
|“We felt our future growth lies in metro Louisville,” said JamesSpradlin, the new president/CEO of Park Community who at year-endsucceeded the retiring CEO, David Eib. Spradlin previously wasexecutive vice president.
|Park Community, originally formed to serve General Electric Co.employees, draws its name from the GE Appliance Park inLouisville.
|For its part, Robins FCU of Warner Robins, Ga. acknowledged ParkCommunity's selection “of us as their partner for their branches”with the transaction made effective April 1 following six months ofnegotiations. Terms were not disclosed.
|One of the Macon branches has now been closed since it waslocated near an existing Robins branch. Both CUs have beenhealthy with Robins' CEO John Rhea noting its profit mark of lastyear with ROA of 1.52% last year and 1.92% in 2011.
|“We've been very fortunate in avoiding some of the problemselsewhere in the country,” said Rhea, whose CU now has 19 branchesand 132,000 members.
|Park Community said it remains committed to fostering growththrough its branch network in Louisville, the city's southernIndiana suburbs and in Decatur, Ala.
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