Thursday, March 28, 2019

Power Financial CU to Buy TransCapital Bank

Power Financial Credit Union (Pembroke Pines, FL) has signed a definitive agreement to purchase TransCapital Bank (Sunrise, FL).

Power Financial CU has almost $655 million in assets, according to its most recent call report. TransCapital Bank has $204 million in assets at the end of 2018.

The transaction is expected to close during the third quarter of 2019, subject to customary closing conditions and shareholder and regulatory approvals.

The price of the deal was not disclosed.

This is the fourth announced purchase of a Florida bank by a Florida credit union this year.

Read the press release.
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