With the announcements of four bank acquisitions between Dec. 6 and Dec. 19, credit unions seem to be picking up a few last-minute purchases before the holidays.

The recent round of announcements takes the total number of deals to 15 in 2022, according to S&P Global Market Intelligence.

Most recently, on Dec. 19, Tuscaloosa, Ala.-based Alabama One CU announced its agreement to acquire Wadley, Ala.-based First Bank from Peoples Independent Bancshares Inc.

Peoples Independent Bancshares' other subsidiary, Boaz, Ala.-based Peoples Independent Bank, will continue to operate independently.

Alabama climbs the ranks

With the Peoples Independent deal, Alabama has now been targeted in six credit union-bank acquisitions, making it the 4th most-targeted state alongside Wisconsin, excluding terminations. Florida has been by far the most popular destination with 15 bank targets since 2015.

Alabama One is now one of only 13 credit unions to announce two or more bank acquisitions since 2015, excluding terminations. The credit union's previous acquisition of Ala.-based First Bank of Linden was announced in September 2020.

Four other credit unions announced their second bank deals this year, excluding terminations: Atlanta-based LGE Community CU, Apple Valley, Minn.-based Wings Financial CU, Phoenix-based Arizona Financial CU and Atlanta-based Georgia's Own CU.

Altogether, these 13 credit unions account for 28 of the 63 credit union-bank acquisitions announced since 2015.

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2022 marks new record for credit union-bank tie-ups

Thanks to December's flurry of deals, credit unions have now announced a record 15 bank acquisitions in 2022. The previous record of 13 was set in 2019, excluding terminations.

Including terminations, 2019 is still the high-water mark with 17 M&A announcements.