ABNB Federal Credit Union to Acquire Two Branches in North Carolina

Charles A. Mallon, Jr.

ABNB Federal Credit Union announced today an agreement with First Bank of Virginia under which ABNB will acquire two branch locations in north central North Carolina, following approval by regulators and satisfaction of customary closing conditions, expanding ABNB’s presence in the region while ensuring continued access to local, relationship-based financial services for consumers and businesses in these communities.

The branches, located in Roanoke Rapids and Louisburg, will transition to ABNB later this year, bringing customers into ABNB’s not-for-profit, member-owned cooperative model. The transaction reflects a shared commitment by both institutions to serve their communities thoughtfully and position these locations for long- term success.

No job losses are expected as a result of the transaction, as both organizations are committed to retaining local teams and leadership to ensure continuity for customers and communities.

“We are pleased to welcome the communities of Roanoke Rapids and Louisburg to ABNB,” said Charles A. Mallon, Jr., President and CEO of ABNB Federal Credit Union. “As a member-owned credit union, we’re dedicated to providing financial opportunities which improve our members’ lives and strengthen the communities we serve.”

Headquartered in Chesapeake, Virginia, ABNB currently operates 14 branches across North Carolina and the Hampton Roads region of Virginia and serves more than 81,000 members. The credit union has experienced strong growth in recent years, increasing assets from under $700 million to nearly $1 billion.

The transaction is expected to be completed later this year following approval by regulators and satisfaction of customary closing conditions. Customers at the affected branches will receive additional information ahead of the transition to help ensure a smooth changeover.

“A successful transition depends on the people who serve these communities every day,” Mallon said. “We’re focused on maintaining strong local teams and delivering a seamless experience for both employees and members.”

Financial terms of the transaction were not disclosed.

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