The Impact of Credit Unions on Florida

Proposed Credit Union Bank Buy Scuttled At long last, state and federal regulators have taken a hard look at a massive proposed deal in which a super-large credit union attempted to purchase a bank with over $1 billion in assets. And finally, they appear to have grown tired of these antics, put their respective feet down and said, “enough is enough.”

Lake Michigan Credit Union Acquires Tampa Bay’s Pilot Bank for $100 Million The $5.2-billion Lake Michigan Credit Union agreed to acquire $400-million Encore Bank, headquartered in Naples, Florida. The combined entity will have over $9 billion in serviced mortgages, with ten branches in Florida and over 40 in Michigan.

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

FAIRWINDS Credit Union Purchases Florida Bank Orlando’s Fairwinds Credit Union plans to double the number of branches it has in Volusia County by acquiring New Smyrna Beach-based Friends Bank.

Florida Credit Union Acquires Bank 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.