The $1.5 billion Achieva Credit Union in Dunedin, Fla., said Tuesday it completed the acquisition of the $115 million Preferred Community Bank in Fort Myers.
"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.
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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.
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Peter Strozniak
Credit Union Times reporter covering credit union operations, fraud, M&As, leagues, business continuity, and breaking news.
