Fairwinds Credit Union in Orlando, Florida, is set to expand its commercial lending portfolio by acquiring a community bank.
The
“As an organization with deep roots in Seminole County, Citizens Bank of Florida shares Fairwinds’ values of commitment to community and putting our members and customers first,” Larry Tobin, the credit union's president and CEO, said in a press release Thursday. “We look forward to welcoming Citizens Bank of Florida customers as new members of Fairwinds. They will have access to 31 additional branch locations throughout Central Florida and a robust online and mobile banking platform. Additionally, Citizens’ customers will still feel right at home as Fairwinds will be retaining Citizens’ employees.”
This would be the second bank acquisition for Fairwinds, which
It is the ninth deal this year in which a credit union agreed to buy a bank, according to American Banker tallies. The most such deals, 16, was in 2019. Prior deals include
“For 75 years, Citizens Bank of Florida has done a wonderful job of serving the constituents of our community by providing honesty and fair dealing, first articulated by our bank’s founder,” Rick Lee, Citizens Bank of Florida's president and CEO, said in the release. “We are very confident that Fairwinds has our customers’ best interest in mind and will provide the outstanding service they deserve. I am equally confident that Fairwinds will continue our efforts supporting the communities in which we operate.”
With the acquisition, Fairwinds would expand its commercial portfolio from its current $387 million to well over $600 million.
Fairwinds Credit Union was advised by Shutts & Bowen as legal counsel and Skyway Capital Markets as financial advisor. Citizens Bank of Florida was advised in this transaction by Smith Mackinnon as legal counsel and Hovde Group as financial advisor.
