Thursday, May 2, 2019

Florida Regulator Approves Vystar's Acquisition of Bank

The Florida Office of Financial Regulation on April 18 approved the application to merge Citizens State Bank (Gainesville, FL) into Vystar Credit Union (Jacksonville, FL).

The shareholders of Citizens State Bank have approved the transaction.

Both applicants state that the transaction will not result in Vystar engaging in any nonconforming or impermissible activities.

Vystar also stated that it would not amend its field of membership to include any customers of Citizens State Bank that do not fall within its fild of membership.

The approval is conditioned on the Federal Deposit Insurance Corporation and the National Credit Union Administration given their written consents to the transaction.

Read the final order.
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