MidFlorida CU to purchase $730 million-asset Community Bank & Trust of Florida
MIDFLORIDA Credit Union, based in Lakeland, Fla. recently announced its intent to merge with Community Bank & Trust of Florida and acquire the Florida assets of First American Bank of Iowa. When finalized, the combined entity will boast $4 billion in assets, $3 billion in loans, 1,100 employees and 63 full-service branches.
The merger of MIDFLORIDA and Community Bank & Trust will be the largest credit union/bank merger to date. In addition to Community Bank & Trust’s $730+ million in assets, the bank also manages over $300 million in trust assets. MIDFLORIDA will be establishing a trust company to manage and geographically expand this service.
“In many communities, credit unions are becoming the primary source for consumer and small business banking,” said Kevin Jones, CEO of MIDFLORIDA. “We hope to strategically acquire additional financial institutions in Florida to expand our affordable consumer and business services. Our goal is for MIDFLORIDA to become the most convenient credit union in Central Florida. Twenty years ago, we changed our charter and vision to serve Central Florida. With our more recent expansion to the east and west coasts, we now feel like we are nearing achievement of that goal and are ready for the next phase. Expanding to the north and south with these strategic partners meshes well with our future growth plans for the credit union.”
MIDFLORIDA will retain all Community B&T branches and staff, as well as staff from the First American Bank branch.
Community Bank & Trust of Florida reported $7.8 million in income in 2018 and $5.2 million in the previous year, according to FDIC data.
“The synergistic effect of the combined institutions will allow MIDFLORIDA to generate deposits in certain markets and lend those deposits to members in another market. In the end, we’ll create an even stronger financial institution for the membership,” said Steve Moseley, president of MIDFLORIDA.
Read more at MIDFLORIDA.