The $71.3 million Buckeye Community Federal Credit Union in Perry, Fla., reached an agreement to buy the Madison, Fla.-based branch of the $240 million Citizens State Bank.
The agreement, announced Feb. 6, is expected to add about 300 new members as well as about $8.5 million in loans and about $7.5 million in deposits for Buckeye Community FCU, according to Charlton Knowles, the cooperative's president/CEO.
"That sounds kind of small but you need to remember this is a rural area," Knowles said. "Our plan for this branch is way beyond picking up 300 or so accounts. The branch gives us the opportunity to have an immediate presence in the community and to implement our growth strategy from there. We're real comfortable this will be a good market for us."
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Citizens State Bank, also based in Perry, will retain about 200 customers and their accounts.
Knowles said the credit union's acquisition of the branch still requires federal and state regulatory approvals, which may be finalized in June or July.
Buckeye Community FCU serves more than 9,200 members and operates one branch.
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Peter Strozniak
Credit Union Times reporter covering credit union operations, fraud, M&As, leagues, business continuity, and breaking news.
