Tuscaloosa, Alabama and Boaz, Alabama, February 18, 2026 – Alabama ONE Credit Union (“Alabama ONE”), headquartered in Tuscaloosa, Alabama, and Peoples Independent Bancshares, Inc., the holding company for Peoples Independent Bank, headquartered in Boaz, Alabama, are pleased to jointly announce the signing of a purchase and assumption agreement whereby Alabama ONE will assume substantially all of the assets and liabilities of Peoples Independent Bank.
The combination of Alabama ONE and Peoples Independent Bank will create a combined credit union with approximately $1.9 billion in assets, serving its markets throughout Alabama. The transaction is expected to close in the third or fourth quarter of 2026.
Peoples Independent Bank, a wholly-owned subsidiary of Peoples Independent Bancshares, Inc. was founded in 1988 and has established itself as a reputable community bank with a long history of serving local families and businesses across northeast Alabama. As of December 31, 2025, Peoples Independent Bank had total assets exceeding $476 million.
This strategic acquisition marks a significant milestone for Alabama ONE as it continues its growth strategy in northeastern Alabama following its recent expansion in east central Alabama and southeast Alabama in the Wiregrass region. This combination creates an opportunity to expand and better serve its membership in that geography.
“This combination represents a natural extension of our growth strategy and a shared continuing commitment to support and strengthen our local communities” said Whitney Oswalt, CEO of Alabama ONE Credit Union. “We are very familiar with Peoples Independent Bank and its leadership. They have built strong local relationships and have a culture and strategic mission that aligns closely with ours. Together, we’ll be able to expand the types of products and services offered and better serve their customers and our current members living and working within the region.”
“We are excited about this next step and the opportunities it will bring to our customers and employees,” said Royce Ogle, President & CEO of Peoples Independent Bank. “Joining the Alabama ONE family provides us with additional resources, technology, and scale to continue providing exceptional service across our markets.”
Rosen Harwood is serving as legal counsel to Alabama ONE. Peoples Independent Bank is advised by Olsen Palmer LLC as financial advisor and Maynard Nexsen PC as legal counsel.
About Alabama ONE Credit Union
Alabama ONE Credit Union, headquartered in Tuscaloosa, Alabama, has been serving members since its charter in 1951 as TRW Federal Credit Union. Today, Alabama ONE is a thriving financial cooperative with over $1.4 billion in assets and 31 branches statewide. Alabama ONE serves more than 95,000 members across Alabama and its field of membership covers approximately 58 of 67 counties in Alabama. Alabama ONE provides a comprehensive suite of financial products and services, including consumer, business, agricultural, and mortgage-related offerings, as well as wealth management and full-service insurance solutions. The credit union is dedicated to empowering its members with the resources they need to build a strong financial future. Additional information about the credit union can be found at www.alabamaone.org.
Federally Insured by NCUA. Equal Housing Opportunity. NMLS 401726.
About Peoples Independent Bank
Peoples Independent Bank is a wholly owned subsidiary of Peoples Independent Bancshares, Inc. headquartered in Boaz, Alabama. The bank was founded in 1988 and has a long-standing history of serving its communities with personalized financial services. The bank operates 9 locations across northeastern Alabama, offering a full suite of community banking solutions. Additional information about the bank can be found at www.pibonline.com.
