05:42 PM EDT, 05/30/2024 (MT Newswires) -- Affinity Bancshares ( AFBI ) entered and agreement under which Atlanta Postal Credit Union will acquire its subsidiary Affinity Bank, the companies said Thursday.

Atlanta Postal will buy substantially all assets of Affinity Bank and assume all of its liabilities in an all-cash transaction, according to the joint statement.

Atlanta Postal and its subsidiary Center Parc will operate Affinity Bank after completion of the deal.

Boards of Affinity, Atlanta Postal and Center Parc have approved the transaction and the companies expect to close the deal in Q4 2024 or Q1 2025.

Affinity shares were up 16% in recent after-hours activity.

Price: 19.70, Change: +2.74, Percent Change: +16.19