Bill Wells, CEO, Alabama ONE
Most importantly, please be on the lookout for any future communications sent to you from First Bank and/or Alabama ONE. It is very important your contact information is updated in First Bank's current system for you to receive the most up-to-date information. Please contact your local First Bank location to ensure we have the most current address, phone number, and email address for your account!
Frequently Asked Questions
Have Questions? We are here to help
Why is First Bank pursuing a merger with Alabama ONE?
We are focused on providing the most valuable resources while ensuring we continue to grow and thrive. Partnering with Alabama ONE will leverage the combined financial strength of over $1 billion in assets and over $92 million in capital reserves to expand services, products, branch locations, and technology offered to our Members, cooperatives, and businesses statewide
Jared Kirby, Chairman, President and CEO of First Bank, commented, “We are excited about a combination with Alabama ONE. First Bank and Alabama ONE are two true community financial institutions with strong ties to the state of Alabama.”
Bill Wells, CEO of Alabama ONE, added, “We are delighted to partner with First Bank, especially as they share our focus on running a high-quality, low-risk institution with a strong commitment to both the community and to our customers. This transaction will also strengthen our presence in East Alabama, an area of our state we view as strategically important.”
Who is Alabama ONE?
Alabama ONE Credit Union, based in Tuscaloosa, Alabama, was chartered in 1951 as the TRW Federal Credit Union. Today, Alabama ONE is over $1 billion in assets, full-service financial institution currently with 20 branches serving more than 80,000 Members throughout Tuscaloosa, Montgomery, Mobile, Jefferson and 18 other counties, as well as the employees, trustees, retirees, family members and Members of the 23 Alabama rural electric cooperatives. Alabama ONE is now a statewide credit union reaching 57 of the 67 counties in Alabama. Alabama ONE provides a unique offering of consumer and business-related products, as well as wealth management and an in-house insurance agency. Alabama ONE is dedicated to giving Members the resources they need to build the strong financial future they deserve.
What is a credit union? Why a credit union instead of a bank?
A credit union is a not-for-profit, Member-owned financial institution – an alternative to banks. Banks reinvest profits to their stockholders. Credit unions exist to provide lower rates on loans, higher rates on deposits, and access to better digital services for their Members. With your Alabama ONE Membership Savings Account, you become a voting Member and are one of the equal owners of the credit union.
Are there any other differences between banks and credit unions I should know about?
There are a few minor differences in the names of similar services offered by banks. Some of the credit union terminology is due to the fact that each Member owns an equal share of the credit union.
- Banks pay “interest.” Credit unions pay “dividends” or sometimes “interest.”
- Bank clientele are called “customers.” Credit unions serve their “Members.”
Is Alabama ONE financially strong?
Yes. Alabama ONE is well capitalized. Members can research the annual call reports of Alabama ONE by visiting mapping.ncua.gov/ResearchCreditUnion.aspx. Once the merger is complete, Alabama ONE will have a combined financial strength of over $1 billion in assets and over $92 million in capital reserves.
Will my deposits with a credit union still be insured for the same amount?
Yes. The only difference is credit union deposits are insured through the NCUA (National Credit Union Administration) instead of the FDIC (Federal Deposit Insurance Corporation). All deposits will be federally insured up to $250,000 per owner, for each account ownership category, through the NCUA in the same manner as the FDIC. Please refer to the FDIC and NCUA Insurance Comparison provided earlier in this letter.
How will First Bank customers benefit?
This merger will provide additional resources to serve your financial needs through added branches and ATMs, robust online and mobile technologies, new products and services, and highly competitive rates. We have provided a summary of the products and services comparison between First Bank and Alabama ONE within this letter.
Will my account or routing number change?
Yes. Your routing and account number will change. A copy of your routing number and new account number(s) will be included in the Welcome Kit, which will be sent to you in mid-February 2024.
Will changing my account number affect my direct deposits (such as payroll or Social Security)?
Yes. As soon as possible after March 1, 2024, you will need to contact any entities that you receive electronic deposits from and any entities that you send electronic payments to, or have automatic transactions with, and notify them that your routing number and account number have changed and give them your new account information. Again, any direct deposit changes need to take place AFTER March 1, 2024. We suggest that you look through three (3) months of your First Bank bank statements to ensure that you are aware of all automated, electronic transactions that you have set up with your First Bank account(s). You should update these transactions with your new Alabama ONE routing number (262277189) and your new account number, coming to you soon in the Welcome Kit, to avoid any potential disruption in the receipt of your payroll and other deposits or automated withdrawals.
Is there a minimum balance required for checking or savings accounts?
There is a $5.00 minimum deposit for your Membership savings account which must stay in the account for you to remain a voting Member and be eligible for credit union services. We will open a Membership savings account for you and deposit $5. This minimum deposit validates you as a voting Member of Alabama ONE and entitles you to participate in all Member meetings and take advantage of all the benefits of Membership with Alabama ONE. The number assigned to your Membership savings account will also serve as your Member ID for all accounts you have or open in the future with Alabama ONE. There is no minimum balance required for checking accounts. If you do not have a First Bank checking account (which will convert automatically) you may open a free checking account with Alabama ONE and can do so by visiting your nearest branch location or alabamaone.org/join/.
How will I access my online banking?
You will be able to access your online account at www.alabamaone.org beginning March 2, 2024. You will need to enroll in online banking to access your account online. Go to alabamaone.org. Click on “Sign Up” to complete the online banking enrollment. You will receive a Secure Access Code (SAC) via text, email, or phone call as chosen in the setup process. Enter the information in the required fields and select “Continue.” You will be required to change your password upon entering our online banking system for the first time. For more information regarding online banking or to view our online banking tutorial videos, please visit alabamaone.org/onlinebanking. You may also stop by a First Bank branch to pick up a copy of the Online Banking Guide booklet.
If I currently have an ATM or Debit Card with First Bank, will I get a new ATM or Debit Card?
Not immediately. You will receive your new Alabama ONE Debit Card in late February.
What about having access to ATMs?
Yes. You will still have access to ATMs as you do now.
Is Alabama ONE a Member of a shared-branching network?
Yes. If you are not familiar with this benefit of credit union Membership, Alabama ONE participates in a nationwide network of credit unions who agree to service any Member of the participating credit unions. This benefit means you can walk into a participating credit union in, for example, Montana, and tell them you want to do a shared branching transaction with Alabama ONE and the participating institution will complete the transaction as if you were in an Alabama ONE branch. There are participating credit unions in all 50 states, and you can find a shared-branching location or ATM at this link, https://co-opcreditunions.org/locator/. Shared Branching information can also be accessed on Alabama ONE’s locations webpage.
Will I need to get new checks?
Your First Bank checks will continue to clear until further notice, but we are sending a free order of Alabama ONE starter checks to each First Bank customer that has an active consumer or business checking account in good standing. Each customer with a checking account will receive twenty-five (25) single, standard personal-sized checks by February 23, 2024. All business accounts will also receive twenty-five (25) Alabama ONE single, standard personal-sized checks. Please continue to use your old checks until you receive new checks from us and once your new Alabama ONE checks are received, please shred any unused First Bank checks.
What about monthly or quarterly account statements?
Alabama ONE sends out monthly Membership account statements to Members with checking accounts. We send quarterly statements to Members who have only savings accounts. Statements include your deposit accounts and loans in one statement. It is to both our advantages for you to sign up for e-Statements, so you receive your statement in your secure online banking account several days faster and more securely than having it delivered to your publicly accessible mailbox. This will allow you to see a viewable image of your statements on demand whenever you need one. We do not send check images with paper statements; however, check images are available within online banking account.
If I am already enrolled in e-Statements at First Bank, will I need to re-enroll?
Yes. You will need to re-enroll and may do so by logging in to Alabama ONE’s online banking system on or after March 2, 2024 with your new online banking username and password. Once you have logged in, select the Services tab, then choose “e-Statements.” Select the accounts you would like to enroll in e-Statements for and follow the directions.
What will happen with my CDs?
Though your CD may be set to renew, it will not do so this one time. Approximately ten days prior to maturity, you will receive a letter from Alabama ONE reminding you of your upcoming CD maturity. Upon maturity, your CD deposit will be deposited into your Membership savings account. Once this happens, please call us to renew the CD at the current rate to maximize the earnings on your funds.
When will I make my Safe Deposit Box payment?
Your first payment with Alabama ONE will be scheduled for May 1, 2025.
What if I have a Heritage Account with First Bank?
If you are over the age of 65 and have a debit card, you will transition to an Alabama ONE free checking account and will receive one free box of checks per calendar year. Checks will no longer be free if you are under the age of 65.
Will my overdraft limit change?
Yes. Your overdraft limit will change to a $500 limit for standard accounts and $700 for business accounts. A $35 fee will also be assessed if an overdraft occurs.
Do you offer any special accounts for children or teenagers?
Yes. We offer Little ONE accounts for children under 12 and Next Step Teen accounts for teenagers from 13 to 17 years old. Our Next Step Teen account offers access to an Alabama ONE Debit Card and online and mobile banking so your teen can manage their account, check their balances, etc.
Will I still receive personalized service?
Absolutely! You will continue to receive the same personalized service as you do today.
- Contact your local branch
- Alabama ONE’s Contact Center: (800) 225-0110, Option 9
- Text: 205-342-2080
- Online chat: alabamaone.org
- E-mail: firstname.lastname@example.org
Will First Bank branches remain open?
Yes. The normal hours of operation will change to hours listed below. Monday through Friday, 8:30AM– 5:00PM, except on Wednesday, when branches are closed for TEAM training until 9:30 AM. All branches will remain open for the remainder of the day on Wednesdays from 9:30AM – 5:00PM. We will no longer close at noon on Wednesdays.
Will I still be able to visit First Bank branches and work with the current First Bank employees?
Yes. The employees of First Bank will continue employment and you will continue to receive the same personalized service you do today.
Can I use Alabama ONE branches now?
We cannot integrate the operations of the two financial institutions until after the proposed conversion date expected on March 1, 2024. If there are any changes to this date, we will notify all Members as soon as the branches are connected. However, we realize some of you may already be Members of Alabama ONE. If you are already a Member of Alabama ONE, limited branch services will be available as of December 8, 2023. Beginning March 4, 2024, full branch services will be available to everyone.
What about my recurring transactions?
For recurring transactions such as payments, debits, or transfers you previously set up for your personal account at First Bank, you will need to set up any automated recurring transactions again in the new Alabama ONE online banking system AFTER March 2, 2024. Online banking transactions will not transfer over since a new online banking account is being established. In whatever way you currently have automatic payments set up, such as utility payments, Memberships, etc., you will need to update these payments with your new Alabama ONE account information. Please review these payments to make sure they go out in a timely manner.
Will the terms of my existing First Bank accounts change?
For loans, your existing loan contract will remain in effect until the loan is paid off or reaches maturity. You will continue making your loan payments as scheduled with Alabama ONE. For certificates of deposit, the terms of your existing certificate of deposit (CD) will remain in effect until the maturity date. This one time, your CD will not automatically renew. You will be notified that the balance of your matured CD will be deposited into your member saving account. Upon maturity, you may contact Alabama ONE to originate a new CD. Rates on savings, checking, club, and money market accounts will transition to the rate and terms currently offered by Alabama ONE. A copy of the Alabama ONE Membership and account terms will be provided in the Welcome Kit. Please see this link for current Alabama ONE deposit rates, alabamaone.org/rates.
Will the name of First Bank change?
Yes. Beginning on December 8, 2023, we will operate as Alabama ONE; however, you will soon begin seeing new signage in and around the current First Bank locations as we begin preparing for the March 1, 2024 account conversion date.
Alabama ONE Credit Union Has a Strong Financial Foundation
Unlike banks, credit unions are structured so that when you become a member, you become a part owner. Think of your $5 minimum deposit as your personal share of Alabama ONE. As a part owner of our credit union, your financial wellness and success is our highest priority. That’s why we offer better loan rates and community programs that bring real value to your life, so you can reach your goals faster.
Similar to how banks are insured by the FDIC, this credit union is insured by the NCUA and is backed by the full faith and credit of the United States. Deposits are insured up to at least $250,000 per individual depositor.