The $1 billion Achieva Credit Union in Largo, Fla., is purchasing the $165 million Calusa Bank, which has four offices in Florida's Sarasota and Charlotte counties, the credit union announced.
This represents the first acquisition of a bank by a credit union in Florida, and in addition, Achieva will purchase all of the bank's issued and outstanding shares, making it the first "whole bank" acquisition by a credit union. Previous bank purchase transactions by credit unions were all structured as purchase and assumption of only a majority of the assets and deposits, according to Achieva officials.
The purchase, only the seventh time a U.S. credit union has acquired a bank, is expected to close during the fourth quarter of 2015 and is subject to customary closing conditions and Calusa shareholder and regulatory approvals, officials said. Achieva's management team said it expects the sale to move forward smoothly.
"As we expand our presence on the Gulf Coast, we are excited to be able to offer Calusa Bank customers the tremendous benefits that come from being members of Achieva Credit Union," Gary Regoli, president/CEO for Acheiva, said. "Being strong partners in all the communities where we have members is a big part of who we are as an institution."
This merger will bring Achieva's total number of branches to 24 and total assets to $1.3 billion, credit union officials said.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
