The $1.5 billion Achieva Credit Union in Dunedin, Fla., said Wednesday it signed a definitive agreement to buy the $117 million Preferred Community Bank in Fort Myers, according to a prepared statement posted by the League of Southeastern Credit Unions.
Financial terms of the whole bank acquisition were not disclosed.
The state-charted bank, which operates three branches in Fort Myers, Lehigh Acres, and Cape Coral, managed about $96 million in deposits and posted a total net income of $463,000 at the end of September 2017, according to the latest financials from the FDIC.
Founded in 2007, the bank recorded an ROA of 0.53% and an ROE of 4.68% at third quarter's end, according to the FDIC.
This purchase will bring Achieva's number of branches to 26 and its assets to $1.6 billion. The bank's branches will continue to operate under the credit union's brand when the sale is finalized later this year, pending customary closing conditions and final approvals from Preferred Community's shareholders and regulators.
“This consolidation of complimentary services and products along with our entry into new markets makes this combination a strong strategic move for Achieva,” said Achieva President/CEO Gary Regoli. “Along with all of those positives, our corporate cultures are greatly aligned which is a key ingredient in any successful consolidation.”
Nearly three years ago, Achieva purchased Calusa Bank.
The Preferred Community acquisition is the first publicly announced credit union deal this year.
Four credit union bank acquisitions were publicly announced last year.
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