Tuesday, September 10, 2019

FL Regulator Approves Purchase of Certain Bank Assets and Liabilities by MidFlorida CU

The Florida Office of Financial Regulation on August 19 issued a Notice of Intent to Approve the application of MidFlorida Credit Union (Lakeland, FL) to purchase certain assets and liabilities of First American Bank (Fort Dodge, IA).

On April 26, the bank entered into a branch purchase agreement with the credit union.

The credit union would acquire 3 branches -- one in Lee County and two in Collier County -- and one loan production office in Boca Raton, Palm Beach County..

MidFlorida CU will purchase approximately $250 million in assets and assume almost $122 million in liabilities.

The transaction is contingent upon the approval or non-objection by the National Credit Union Administration.
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