"By joining forces with First National Bank NW Florida, we can expand our branch and team member network, enhance our services, and create greater value for our members and community," Innovations Financial President/CEO David Southall said in a prepared statement. "This is an exciting step forward that will shape the future of both of our organizations in significant ways."

The consolidated financial institutions would manage $570 million in assets and operate eight branches with approximately 100 team members.

The bank manages $59.1 million in loans, $145 million in deposits and $23.1 million in equity capital, according to its second quarter financial filings with the FDIC.

Angie Barger, president/CEO of First National Bank NW Florida, has served the institution for more than three decades. She plans to continue working for one year after the acquisition deal is finalized, according to Southall.

"Our shared history and achievements have paved the way for this exciting merger, and I am confident that together we will create a stronger, more vibrant financial institution poised to meet our customers' evolving needs," Barger said. "As we bring together our two 5-Star rated financial institutions, we are excited to embark on this journey sharing the same commitment to excellence and community."

This new acquisition agreement followed an initial deal that was canceled after the $299 million Harvesters Credit Union in Cantonment, Fla., announced it planned to buy First National Bank NW Florida last August.

The Innovations Financial bank buy deal was the seventh agreement announced this year. In 2022, there were 16 credit union-bank acquisition deals.