Achieva Credit Union buys another bank

Achieva Credit Union in Dunedin, Fla., has completed its purchase of Preferred Community Bank in Fort Myers, Fla.

Achieva CU now has $1.7 billion of assets and 26 branches, the institution said on Monday. Nearly two-thirds of Preferred’s customers have opted-in to transfer their accounts to Achieva, Gary Regoli, Achieva’s CEO, said in a press release.

David Oak, SVP of marketing at Achieva CU, told Credit Union Journal by email that more than 90 percent of Preferred Community Bank employees have transferred to the Achieva team.

In recent years, the number of credit unions buying banks has ticked up as banks wanting to sell try to find more potential buyers and credit unions look for ways to grow. Last year, Achieva launched Achieva Merger Services, which consults on credit union-bank mergers, after it successfully bought Calusa Bank in2015.

“Achieva Credit Union is excited about welcoming new members from Preferred Community Bank, and we are thrilled to offer residents of Lee County the opportunity to experience our member benefits,” Regoli said in the press release statement.

Established in 2007, Preferred Community Bank had $118 million of assets and three branches.

Achieva CU posted earned about $7.2 million in the first half of 2018, after recording net income of $15.1 million last year.