Fairwinds Credit Union buying Citizens Bank of Florida | Credit Union Journal

Fairwinds Credit score Union is about to broaden its business lending portfolio by buying a group financial institution.

The $3.9 billion-asset credit score union primarily based in Orlando, Florida introduced Thursday that it’s shopping for Residents Financial institution of Florida, headquartered in Oviedo, which has $489 million of assets. The businesses didn’t disclose monetary particulars of the acquisition, which is about to shut in December.

“As a corporation with deep roots in Seminole County, Residents Financial institution of Florida shares Fairwinds’ values of dedication to group and placing our members and clients first,” Larry Tobin, president and CEO of the credit score union, mentioned in a press launch. “We stay up for welcoming Residents Financial institution of Florida clients as new members of Fairwinds. They may have entry to 31 extra department areas all through Central Florida and a sturdy on-line and cell banking platform. Moreover, Residents’ clients will nonetheless really feel proper at dwelling as Fairwinds can be retaining Residents’ staff.”

That is Fairwinds’ second buy of a financial institution, the primary being its purchase of the New Smyrna Beach-based Friends Bank, which had $95 million of belongings.

This acquisition is the ninth deal up to now this yr the place a credit score union has bought a financial institution, in keeping with American Banker tallies. The document quantity for offers of this type to be reported in a single yr, 16, occurred in 2019. Prior offers embody Royal Credit Union in Eau Claire, Wisconsin’s buy of Lake Space Financial institution in Lindstrom, Minnesota and Orion Federal Credit Union in Memphis’ buy of Monetary Federal Financial institution, which can also be primarily based in Memphis.

“For 75 years, Residents Financial institution of Florida has accomplished an exquisite job of serving the constituents of our group by offering honesty and honest dealing, first articulated by our financial institution’s founder,” Rick Lee, Residents Financial institution of Florida president and CEO, mentioned within the launch. “We’re very assured that Fairwinds has our clients’ finest curiosity in thoughts and can present the excellent service they deserve. I’m equally assured that Fairwinds will proceed our efforts supporting the communities by which we function.”

Ought to the deal cross regulatory and shareholder muster, Fairwinds will broaden its business portfolio from its present $387 million to effectively over $600 million.

Fairwinds Credit score Union was suggested on this transaction by Shutts & Bowen as authorized counsel and Skyway Capital Markets as monetary adviser. Residents Financial institution of Florida was suggested on this transaction by Smith Mackinnon as authorized counsel and Hovde Group as monetary adviser.

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