The $654 million Power Financial Credit Union in Pembroke Pines, Fla. said it signed a definitive agreement to buy the $204 million TransCapital Bank in Sunrise, the fourth proposed bank acquisition made by a Florida credit union in the first quarter.
Financial terms of the deal were not disclosed, though reportedly the credit union will purchase all of the issued and outstanding shares of the bank. The acquisition is expected close in the third quarter pending regulatory and shareholder approvals.
TransCapital Bank was the 10th largest bank in the region in terms of asset size, highly ranked by its return on average assets and demonstrated an impressive track record of being managed efficiently.
Florida has been a hotbed for credit union bank acquisitions.