Friday, May 3, 2019

MIDFLORIDA CU to Acquire Community Bank & Trust of Florida

MIDFLORIDA Credit Union (Lakeland, FL) announced its intends to acquire the $739-million Community Bank & Trust of Florida (Ocala, FL).

Community Bank & Trust of Florida has 11 offices in the counties of Alachua, Marion, and Sumter.

If the deal is completed, it will be the largest acquisition of a bank by a credit union to date.

In addition, MIDFLORIDA announced it intends to purchase assets of First American Bank (Fort Dodge, IA), which are in southwest Florida.

The acquisition of the Florida assets of First American Bank of Iowa is expected to happen in November 2019, while the merger with Community Bank & Trust of Florida is expected to close at year end.

Both the acquisition and the merger are subject to all required regulatory requirements and approval as well as fulfillment of all customary closing conditions.

The terms of the deals were not disclosed.

This is the fifth announced acquisition of a Florida Bank this year and the sixth whole bank deal announced this year.

Read the press release.
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