REV Federal Credit Union to Acquire First Neighborhood Bank

REV Federal Credit Union, based in Charleston, South Carolina, has agreed to acquire First Neighborhood Bank in Spencer, West Virginia, marking the 15th whole-bank acquisition by a credit union this year, reports Banking Dive.

The deal will expand REV’s $1.1 billion asset base beyond the Carolinas, adding more than 7,000 new members and five locations to its nearly 20 branches. This is REV's first bank acquisition and its first expansion outside the Carolinas.

“Our mission is Growth with Purpose,” said REV CEO Jason Lee, emphasizing the credit union’s focus on community and economic impact in the Mid-Ohio Valley region.

First Neighborhood Bank, with assets of about $148 million, will join REV in the deal, the terms of which were not disclosed. CEO Dave Righter of First Neighborhood expressed excitement about bringing REV’s mission to West Virginia. REV’s acquisition brings the total of whole-bank deals by credit unions in 2024 to nearly match the record set in 2022. Regulatory and competitive pressures have driven the trend, with sellers favoring cash transactions.

ICBA has raised concerns about credit unions’ tax-exempt status giving them an unfair advantage in such deals. REV reported a 2% earnings increase in 2024, totaling $3.3 million in the first half of the year.