The $3.9 billion-asset Fairwinds said in a
press release Thursday that it plans to complete the purchase of the $489 million-asset
Citizens in December. Fairwinds did not disclose the price it will pay.
Citizens Bank has six branches in central
Florida. Fairwinds said it will hold nearly 10.3% of the deposits in Seminole
County after the deal closes.
"We look forward to welcoming Citizens
Bank of Florida customers as new members of Fairwinds,” Larry Tobin, the credit
union’s president and CEO, said in the release.
“We believe they will find great value in our
approach to providing exceptional personal service along with our products and
programs designed to promote financial freedom and independence,” Tobin added. “They
will have access to 31 additional branch locations throughout central Florida
and a robust online and mobile banking platform.”
Fairwinds said its commercial loan portfolio
would increase from $387 million to more than $600 million.
Fairwinds bought the $95 million-asset Friends Bank in New Smyrna Beach, Fla., last year.
Citizens Bank was advised by Smith Mackinnon and Hovde Group. Fairwinds was advised by Shutts & Bowen
and Skyway Capital Markets.
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