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FAIRWINDS Credit Union in Orlando, Fla., said Thursday it completed the acquisition of the $509 million Citizens Bank of Florida in Oviedo, which was initially announced last August.
With the merger complete, the credit union's assets total more than $4.6 billion.
The deal also increased the credit union's commercial portfolio from $387 million to $602 million – the third largest commercial portfolio among Florida credit unions – and nearly doubled the number of commercial bankers, according to FAIRWINDS.
The completed purchase means the bank's 67 employees and six branches will continue operating under the FAIRWINDS brand. The bank's 5,000 customers can expect their accounts to be transitioned to the credit union's data processing systems by May. The credit union said in a prepared statement that it manages 10.25% of the deposit market share in its region.
Phil Tischer "We have been looking forward to the completion of the transaction and are excited to now officially welcome Citizens Bank customers to FAIRWINDS," FAIRWINDS COO Phil Tischer said.
Before the acquisition, the financial institutions had collaborated on community development projects.
In 2020, for example, FAIRWINDS and the bank partnered to assist in the development of a Black Venture Fund. The non-profit organization provides for the organizational support focused on helping minority-owned businesses succeed.
While the fund targets participants in the East Seminole County area, participation has been expanded beyond the original target areas. FAIRWINDS said it will continue to support this fund.
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