First Commerce Credit Union, based in Tallahassee, Fla., recently entered an agreement to purchase the First National Bank of Crestview, marking the first acquisition of a community bank by a credit union in the state of Florida.
The credit union, which has $401 million in assets, will receive the bank’s operations and branches, as well as members and assets, under the terms of the deal.
The deal—only the sixth of its kind in the whole country—is expected to increase First Commerce’s membership by 40,000 and add $85 million in assets to its portfolio. State and federal regulators must sign off on the transaction before the deal is complete.
“We are confident that our search led us to an established, financially secure, growing credit union in our region that shares our values and will bring expanded products and services to our loyal customers,” First National President and CEO Dale E. Rice Jr. said. “We know that our employees, customers and the community as a whole will be in good hands with First Commerce.”
First Commerce was founded approximately 75 years ago and operates out of northwest Florida and southwest Georgia.
“Geographically, this provides an opportunity for more diversity for us, which continues to help our institution grow,” Cecilia Homison, the CEO of First Commerce, said, according to the Credit Union National Association. “I find it very humbling to be selected as a partner. As a financial cooperative with really strong ties to our community and member service, that really resonated with leadership at that institution.”