“Nearly two-thirds of Preferred customers have already voluntarily opted-in to transfer their accounts to Achieva over the last several months, and more customers are signing up every day,” Achieva President/CEO Gary Regoli said.
Financial terms were not disclosed of the acquisition deal that was originally announced in February.
The state-charted bank, with three branches in Fort Myers, Lehigh Acres, and Cape Coral that now operate under Achieva’s brand, managed about $101 million deposits, posted a total net income of $561,000 in net income and $13.8 million in capital as of June 30, according to the latest financials from the FDIC. The bank also recorded an ROA of 0.95%.
Achieva CU now operates 26 branches.
This is Achieva CU’s second bank purchase. About three years ago, the credit union acquired $165 million Calusa Bank in Punta Gorda.