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The $1.4 billion Frontwave Credit Union in Oceanside, Calif., said Wednesday it plans to acquire the $315 million Total Community Bank in El Centro, Calif., for $56.4 million in cash. The transaction is expected to close during the second half of the year pending regulatory and shareholder approvals.
This marks Frontwave’s first bank acquisition, the first one of the year and the first-ever proposed purchase of a whole bank by a credit union that has been publicly announced in California. It should be noted, however, that in May 2011, the $1.2 billion Southland Credit Union in Los Alamitos was the first to acquire one bank branch from RMG Capital Corp., in Fullerton, Calif.
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