Alabama Credit Union to open Hoover branch in 2015

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Alabama Credit Union plans to expand in Hoover.

Antrenise Cole

Reporter- Birmingham Business Journal

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Alabama Credit Union plans to increase its presence in the Birmingham metro by opening a new full-service branch early next year.

The Tuscaloosa-based credit union has purchased the building located at 1604 Montgomery Highway in Hoover from First Financial Bank for $1 million, according to property records.

Alabama Credit Union President and CEO Steve Swofford said the 2,800-square-foot branch will open in March or April after upgrades to the facility are completed. Efforts to reach First Financial CEO B.K. Goodwin were unsuccessful. First Financial has several branches in metro Birmingham.

Swofford said the credit union's area growth is necessary because it has a high concentration of members in Hoover.

The credit union entered the Birmingham market with a branch in Indian Springs Village three years ago and was able to expand in the area again in 2013 through its acquisition of Milestone Credit Union, which had two branches in Fultondale and inside the main Birmingham Post Office.

Alabama Credit Union is also growing in Mobile. It completed a merger, effective Nov. 30, with Shoreline Credit Union.

Swofford said there are no other immediate plans for further expansion in the state.

Alabama Credit Union has $650 million in assets, nearly 60,000 members and 26 offices across Alabama.

Antrenise Cole covers banking, finance, small business lending, venture capital, accounting and law for the Birmingham Business Journal. Click here to follow her on Twitter.