TAMPA, Fla. — The Florida Office of Financial Regulation has approved Florida Central Credit Union's bid to purchase a branch of First Federal Bank of Florida, the CU said.
The $400 million CU is looking to add First Federal Bank's office on 3451 Cattlemen Road in Sarasota, Fla.
The deal includes Florida Central purchasing certain assets and assuming certain liabilities from First Federal Bank.
The deal awaits approval from NCUA.
Florida Central likes the location of the bank office because it is centrally located to the some 2,000 of the CU's members who reside or work in or around the area, she said.
The more than 600 customers of the First Federal Bank office will decide if they want to join Florida Central or have their accounts transferred to other First Federal locations. Florida Central must send depositors a notice to opt in, and account holders will have the option to move their accounts to the CU by mail, electronically or facsimile.
Buying a bank branch typically allows for quicker geographic expansion and member growth than building a new branch, said Michael Bell, attorney and counselor at Royal Oak, Mich.-based Howard & Howard.
