Harvesters Credit Union in Cantonment agreed to acquire First National Bank Northwest Florida in Panama City, the latest of many deals that have made Florida a
The $275 million-asset Harvesters said Monday that the deal was unanimously approved by both boards of directors and shareholders and is expected to close in the first quarter of 2023. Financial terms were not disclosed.
The $216 million-asset First National would be the first bank acquisition for Harvester, which will have 10 branch locations after closing.
"Both organizations are locally owned and operated with leadership that has spent all of their lives and careers here in Northwest Florida. Joining forces will allow us to serve our local communities for many years to come," Keith Golden, president and CEO of Harvesters Credit Union, said in a press release.
Golden will be the CEO of the combined organization. First National Bank's CEO Angie Barger will remain with the combined company in a senior position, but her exact role has not yet been announced.
"This is the perfect match as both institutions share the same philosophy of providing superior customer service and maintaining a local community feel. You will never be a number," Barger said in the press release.
There have now been 10 announcements this year of a credit union buying a bank. The most recent was Credit Union 1's agreement in early June to buy
"These deals continue and I still expect 2022 to be a record year. It seems that we have had a bit of a summer break, but deals are moving now and activity levels are exceptionally high," said attorney Mike Bell of Honigman, who advised Harvesters on the acquisition.
Last year, 13 banks agreed to be
First National Bank had roughly $57.9 million in net loans and leases at March 31, down 18% from a year earlier, according to FDIC data.
"I have personally known the Golden family for over 65 years and know that the combination of the two financial institutions is best for our employees, customers and community alike," Al Quals, chairman of First National Bank, said in the press release.
First National Bank Northwest Florida was advised on the transaction by Philip Bates and Reinhart Boerner Van Deuren. First National Bank Northwest Florida opened in 1984.
Harvesters Credit Union began serving the employees and families of what is now International Paper in 1948. It converted to a community charter in 2003.
Harvesters earned $1.3 million in the first six months of 2022, a 79% increase from a year earlier, according to call report data from the National Credit Union Administration.
