The $3.4 billion MIDFLORIDA CU in Lakeland, Fla., announced its intent to merge in $730-million Community Bank & Trust of Florida, based in Ocala, Fla.
It was the largest acquisition of a bank by a credit union to date. Previously, the largest bank purchased by a CU was just under $400 million in assets—$5.2-billion Lake Michigan CU’s purchase of Encore Bank in late 2017. CB&T also manages over $300 million in trust assets.
MIDFLORIDA also announced it intends to purchase the Florida assets of First American Bank of Iowa—three offices, two in Naples and one in Cape Coral. The $956 million First American Bank is based out of Fort Dodge, Iowa.