DUNEDIN, Fla.—Achieva CU has been approved by state and federal regulators to acquire Calusa Bank, a $165 million state-chartered bank in Sarasota and Charlotte counties.

Though the $1.1 billion Achieva is the first credit union in Florida to purchase a bank, this is not the first deal of its kind. What makes this one different, however, is that the CU will purchase all of the issued and outstanding Calusa shares, making it the first "whole bank" acquisition by a credit union, Achieva explained. In previous CU-bank transactions, the purchasing credit union assumed only a portion—albeit a majority—of the assets and deposits.

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