View Acquisition Press Release
ABNB Federal Credit Union (ABNB) FAQs: Louisburg and Roanoke Rapids Branch Acquisition
What does this announcement mean?
ABNB Federal Credit Union signed a purchase agreement to acquire First Bank’s Louisburg and Roanoke Rapids, North Carolina branch locations.
This transaction allows ABNB to expand its footprint in northeastern and north-central North Carolina while continuing to deliver a community-focused, member-first approach to financial services.
Who is ABNB Federal Credit Union?
ABNB Federal Credit Union is a not-for-profit, member-owned financial institution serving more than 81,400 members nationwide. For more than 65 years, we’ve helped individuals, families, and small businesses reach their financial goals through a full range of financial services, including mortgages and business loans. With 14 branches across Hampton Roads and northeastern North Carolina, plus nationwide access to service centers and surcharge-free ATMs, ABNB offers reliable, secure, and accessible banking. ABNB members enjoy better rates, lower fees, and personalized service that puts people first.
What does it mean to be a member of a credit union?
As a member, you’re more than a customer, you’re an owner. Credit unions are not-for-profit cooperatives, so profits are reinvested to benefit members through better rates, lower fees, and improved services. Decisions are made with members’ best interests in mind, with no outside shareholders. Most credit union boards are volunteer and non-paid.
Credit unions also give back to their communities through foundations, financial education, local events, and branch celebrations, reflecting their commitment to people, not profits.
ABOUT THE AGREEMENT
Why is ABNB doing this?
The acquisition of the Louisburg and Roanoke Rapids branches is an exciting step forward for ABNB and aligns with our long-term growth strategy.
By expanding our presence in these communities, ABNB can:
- Better serve members in growing North Carolina markets
- Welcome new members and employees
- Strengthen our community impact while preserving local service
Where are the First Bank branches located?
- Louisburg branch: 202 North Main Street, Louisburg, NC
- Roanoke Rapids branch: 778 Old Farm Road South, Roanoke Rapids, NC
With the addition of these locations, ABNB will operate four branches in northeastern and north-central North Carolina, supporting our existing Elizabeth City and Moyock branches.
When will the Louisburg and Roanoke Rapids branches officially become ABNB branches?
Once we have all required regulatory approvals, we can begin the process of transferring operations.
Communications with First Bank customers will begin once approvals are received and will continue throughout the transition process. We will provide updates as more information becomes available.
IMPACT ON EMPLOYEES
What does this mean for employees?
We value our employees - and they’re key to serving you. No job losses are anticipated due to this branch purchase. First Bank employees working at the Louisburg and Roanoke Rapids branches will be offered employment with ABNB as part of the transaction, effective at closing.
Throughout this process, we’re focused on retaining and supporting our talented team, ensuring the exceptional service you expect remains uninterrupted.
IMPACT ON MEMBERS
What are the benefits for Louisburg and Roanoke Rapids branch customers/members?
This partnership brings meaningful, long-term benefits, including:
- Member-focused banking: As a member-owned, not-for-profit credit union, decisions are made with members’ best interests in mind.
- Personal service: A relationship-based approach that emphasizes knowing our members, understanding their needs, and providing credit union advantage support they can count on.
- Innovative digital banking services: Access to enhanced online and mobile banking tools designed to make managing finances easier, more secure, and more convenient – anytime, anywhere.
- Long-term stability: A commitment to serving members and communities for the long haul, with a focus on sustainable growth and financial strength.
- Stronger communities: Increased emphasis on local involvement, financial education, and added community investment.
What changes will Louisburg and Roanoke Rapids customers experience?
For now, it’s business as usual. Customers will continue to access accounts and use cards and checks as they do today.
As the branch transition moves forward, ABNB will share more information about what it means to be served by a credit union and share updates as they become available. The focus throughout the transition is on supporting our members and staff, minimizing impact, and delivering a member-first experience.
Will the Louisburg and Roanoke Rapids branch customers automatically become ABNB members?
Details regarding the transfer of loans and deposit accounts are still being finalized. Customers will receive clear communications outlining:
- Which accounts are transitioning
- Any actions required on their part
- Key dates and support resources
ABNB will work closely with First Bank to ensure customers experience a smooth transition.
How will these customers learn about the transition?
First Bank will communicate directly with its customers. Additional communications from both organizations will follow as key milestones are reached.
Will account numbers or services change?
Customers will receive advance notice of any account number changes, system updates, or actions required to access ABNB services.
Will accounts from the Louisburg and Roanoke Rapids branches continue to be federally insured?
Yes. Deposits will continue to be federally insured, just through a different federal agency.
Banks are insured by the Federal Deposit Insurance Corporation (FDIC), while credit unions are insured by the National Credit Union Administration (NCUA) through the National Credit Union Share Insurance Fund (NCUSIF). Coverage is the same: deposits are insured up to $250,000 per depositor, per institution.
In addition, ABNB participates in ModernFi’s additional deposit insurance program, which can provide coverage beyond standard federal insurance limits for eligible accounts. More details on this coverage will be shared as the transition progresses.
You can learn more and calculate your coverage using the NCUA’s insurance estimator at www.mycreditunion.gov/estimator
How will this affect existing ABNB members?
Existing ABNB members will benefit from:
- Expanded branch access
- Increased presence in North Carolina communities
- Continued focus on service, convenience, and value
BRANCH OPERATIONS
Will there be system or technology changes?
Yes. The branches will transition to ABNB systems and platforms. Employees will receive training and support to ensure continuity of service and impacted members will receive ongoing advance communications of any changes.
Will branch hours change at the Louisburg and Roanoke Rapids locations?
Current branch hours will be evaluated and may be aligned with standard ABNB operating hours. Updated hours will be communicated in advance.
How will I be kept informed?
We’re committed to keeping you informed along the way. As the process continues, First Bank and ABNB will continue to share important information, dates, and events. Please continue to check back here for the most recent updates.
Thank you for your membership!
