The $1 billion Achieva Credit Union in Largo, Fla., is purchasing the $165 million Calusa Bank, which has four offices in Florida's Sarasota and Charlotte counties, the credit union announced.
This represents the first acquisition of a bank by a credit union in Florida, and in addition, Achieva will purchase all of the bank's issued and outstanding shares, making it the first "whole bank" acquisition by a credit union. Previous bank purchase transactions by credit unions were all structured as purchase and assumption of only a majority of the assets and deposits, according to Achieva officials.
The purchase, only the seventh time a U.S. credit union has acquired a bank, is expected to close during the fourth quarter of 2015 and is subject to customary closing conditions and Calusa shareholder and regulatory approvals, officials said. Achieva's management team said it expects the sale to move forward smoothly.
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