TALLAHASSEE, FL (WTXL) -- The First Commerce Credit Union has entered into an agreement to purchase the First National Bank of Crestview. This is the first credit union purchase of a bank in the state of Florida, and it is the sixth deal of its kind in the country, announced the company.
The deal has been approved by both financial institutions. However, it still has to make its way past four state and federal regulatory agencies.
First Commerce is already a familiar name in the north Florida region, with their headquarters located in Tallahassee and several locations in the north Florida and south Georgia area.
J.D. Wingard Jr., Chairman of the First National Bank of Crestview, says that the agreement comes as a result of the board members deciding to "take a less active role in the banking industry" and that board members were "focused on finding the right financial institution partner."
If the deal is approved, First Commerce's member base will grow beyond 50,000. The financial institutions hope to close the purchase by late 2014 or early 2015.
