Georgia bank agrees to sale to Florida credit union
The spree of credit unions buying banks continues.
First Commerce Credit Union in in Tallahassee, Fla., said it has agreed to buy Citizens Bank in Nashville, Ga. It did not disclose the price of the deal, which is expected to close in the second quarter.
It is the 14th credit union-bank deal announced this year, versus nine in 2018.
“After careful consideration, I am convinced First Commerce is the right financial institution partner to help the Citizens Bank continue to serve our employees, customers, and our community into the future,” Bill Perry, Citizens’ president, said in a press release Monday.
“They share our values and will greatly enhance our ability to serve our customers in new and improved ways,” added Perry, who will stay on as a strategic adviser.
Citizens Bank has $248 million in assets and four branches in southern Georgia.
The deal would give the $620 million-asset First Commerce more than $800 million in assets and 16 branches in Georgia and Florida. All of Citizens’ employees are expected to keep their jobs.
“We have found a true partner in the Citizens Bank who believes in our vision to empower people to enhance their financial well-being,” Cecilia Homison, First Commerce’s CEO, said in the release.