Florida Credit Union Plans to Buy Georgia Bank

The $620 million First Commerce Credit Union in Tallahassee, Fla. revealed plans Monday to purchase and assume certain assets and liabilities of the $248 million Citizens Bank in Nashville, Ga.

The deal would enable First Commerce CU to expand its market presence from three branches to seven branches in South Georgia by adding four of the bank’s branches in Nashville, Ray City, Adel and Valdosta. Combined with its nine branches in the Sunshine State, First Commerce will operate 16 locations in South Georgia and North Florida and manage more than $868 million in assets.

Credit union execs were rewarded for the deal. Bill Perry, president of The Citizens Bank, pledged to work with First Commerce as a strategic advisor during the transition process. Steve Perry, CEO of The Citizens Bank, was slated to join First Commerce as its market president who will oversee the credit union’s branch network in Georgia.

Read more. 

See the impact on taxes in your state.

Tell Congress: It’s time to reform credit unions.