Florida Regulator Approves MidFlorida's Acquisition of CB&T

The Florida Office of Financial Regulation on September 12 issued a Notice of Intent to Approve the application of MidFlorida Credit Union (Lakeland, FL) to acquire Community Bank & Trust of Florida (CB&T) of Ocala, Florida.

Under the agreement, MidFlorida CU stated "it does not intend to acquire, own, or retain CB&T's stock or the power to conduct commercial banking business granted under its charter."

In addition, MidFlorida will use a credit union service organization to acquire the trust assets of CB&T. MidFlorida submitted an application on August 5 to organize Southeast Trust Company< LLC. On September 12, the state regulator approved the application.

Upon the merger being consummated, Hugh Dailey of CB&T will join the credit union as an executive officer.

Within six months, borrowers and depositors of CB&T will need to opt-in to become members of MidFlorida; did not opt-in, but maintains a non-member deposit account at the credit union, or whose loans have been transferred to another financial institution, or whose account relationship has closed, moved to another financial institution, or paid off their loans.

The transaction still needs the approval of the National Credit Union Administration and the Federal Deposit Insurance Corporation.