November 15, 2019

Florida's Credit Unions

Credit unions go shopping

Amy Martinez | 9/25/2019

Credit Union Acquisitions of Banks in Florida

November 2015: Dunedin-based Achieva Credit Union buys Calusa Bank in Punta Gorda, the first credit union purchase of a bank in Florida.

May 2017: IBM Southeast Employees Credit Union (IBMSECU) in Delray Beach buys Mackinac Savings Bank in Boynton Beach.

August 2017: Lake Michigan Credit Union of Grand Rapids, a $5.5-billionasset lender, buys Encore Bank in Naples, giving it an additional $392 million in assets. Lake Michigan also adds six branches to its existing locations in Bonita Springs, Immokalee and Naples.

July 2018: IBMSECU buys Oculina Bank in Vero Beach, increasing its assets by $350 million to $1.5 billion.

September 2018: Achieva buys Preferred Community Bank in Lee County.

January 2019: Jacksonville-based VyStar Credit Union buys Citizens State Bank in Perry. Previously, the Florida Office of Financial Regulation approved VyStar’s request to expand its field of membership from 22 counties to 49.

January 2019: Lake Mary-based Addition Financial Credit Union, formerly Central Florida Educators Federal Credit Union, buys Merritt Island-based Fidelity Bank of Florida.

February 2019: Fairwinds Credit Union, a $2.3-billion-asset lender in Orlando, buys Friends Bank in New Smyrna Beach, giving it an additional $98 million in assets.

May 2019: Lakeland-based MidFlorida Credit Union buys Community Bank & Trust of Florida in Ocala. Community Bank, with $738 million in assets and 11 branches in three counties, becomes the largest Florida bank to be sold to a credit union. MidFlorida also buys the Florida assets of First American Bank of Iowa, including branches in Cape Coral and Naples and a loan production office in Boca Raton.

2019 Bank Mergers and Acquisitions

  • First-Citizens Bank & Trust, a North Carolina bank, bought Biscayne Bank of Coconut Grove.
  • CenterState Bank bought the National Bank of Commerce, an Alabama bank.
  • Drummond Community Bank of Chiefland bought Peoples State Bank of Lake City.
  • Synovus Bank bought Florida Community Bank of Weston.
  • Coral Gables-based banking companies Professional Holding and Marquis Bancorp combined to form Florida’s 12th-largest community bank under the Professional Bank name with $1.6 billion in assets.

 

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