Achieva Credit Union and Preferred Community Bank complete merger
Achieva Credit Union announced it has successfully completed a merger with Preferred Community Bank, a Florida state-chartered bank in Lee County with $118 million in assets. This purchase brings Achieva’s total number of branches to 26 and total assets to $1.7 billion.
Established in 2007, Preferred Community Bank had three branches — in Fort Myers, Lehigh Acres, and Cape Coral. All three branches are now operating as branches of Achieva. Under the terms of the merger agreement, this was a whole bank acquisition.
“Achieva Credit Union is excited about welcoming new members from Preferred Community Bank, and we are thrilled to offer residents of Lee County the opportunity to experience our member benefits,” said Achieva CEO Gary Regoli. “Nearly two-thirds of Preferred customers have already voluntarily opted-in to transfer their accounts to Achieva over the last several months, and more customers are signing up every day.”
Three years ago, Achieva made national news as the first credit union in America to acquire a bank in whole, with the purchase of Calusa Bank. Since then, several other credit union acquisitions of banks have occurred and Achieva has developed a consulting service, Achieva Merger Services, to provide expertise to other credit unions and community banks.
Unlike banks, credit unions are cooperatives, owned and operated by the members they serve. At Achieva Credit Union, the board of directors is made up of Achieva members – all unpaid volunteers – who look out for the best interests of their fellow members and the long-term strategic viability of Achieva. Federally insured credit unions, like Achieva, are insured by the National Share Insurance Fund (NCUSIF) which backs deposits up to $250,000 with the full faith and credit of the United States government.