Georgia bank agrees to sell to Florida credit union
The spree of credit unions buying banks continues.
First Commerce Credit Union in in Tallahassee, Fla., said on Monday that it had agreed to buy Citizens Bank in Nashville, Ga. The deal is expected to close in the second quarter of 2020.
This is the 14th credit union-bank deal announced this year, up from nine that were announced 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, president of Citizens, said in a press release. “They share our values and will greatly enhance our ability to serve our customers in new and improved ways.”
Citizens Bank has $248 million in assets and four branches in south Georgia.
The deal would give the $620 million-asset First Commerce more than $800 million in assets and 16 branches across south Georgia and North Florida. All of Citizens Bank employees are expected to keep their jobs.
Perry will stay on as a strategic advisor to oversee the transition.
The boards at both institutions approved the deal, but the transaction is still pending regulatory approval. Financial terms of the deal were not disclosed.
“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, CEO of First Commerce, said in the press release.