Florida Credit Union Completes Bank Purchase
FAIRWINDS CU says the acquisition will expand its marketplace footprint.
The $2.4 billion FAIRWINDS Credit Union in Orlando, Fla., said Tuesday it has completed the acquisition of the $97.6 million Friends Bank in New Smyrna Beach.
Financial terms were not disclosed.
The purchase will expand the credit union’s footprint in Volusia County by doubling its number of branches and establishing a new presence in the county’s eastern region.
In addition to retaining current Friends Bank employees, FAIRWINDS will operate the bank’s three branches, offer expanded hours and increase staffing levels.
All Friends Bank accounts are expected to be transitioned to FAIRWINDS’ IT systems in January 2020.
“As we carry on Friends Bank’s legacy of community involvement and exceptional customer service, FAIRWINDS is committed to working with our new members to ensure a seamless transition,” Phil Tischer, FAIRWINDS Credit Union COO, said.
When the credit union initially announced the bank acquisition in February, Friends Bank served more than 3,500 customers and employed 27 staff members.
At the end of the second quarter, Friends Bank managed $86.8 million in deposits, $10.6 million in capital and posted a net income of $318,000 and an ROA of 0.66%, according to the FDIC.