Florida CU Buys Bank Posted by AVCU on 11:59 AM

In the 6th purchase of a bank by a credit union, and the first in Florida, First Commerce Credit Union of Tallahassee has entered into agreement to purchase First National Bank of Crestview. The agreement has been approved by the boards of both financial institutions and includes the purchase of assets and assumption of liabilities. The transaction will require the approval of four state and federal regulatory agencies, which the institutions hope can be processed by late 2014/early 2015.

First Commerce Credit Union is 75 years old, $410 million in assets serving 43,000 members from 9 locations. First National Bank of Crestview is a private commercial bank with 10,000 customers, 3 locations and approximately $85 million in assets.

Read more details on the credit union's website.