Dive Brief:
- Gulf Winds Credit Union has agreed to buy Monroeville, Alabama-based Peoples Exchange Bank, according to a Friday release.
- That’s the Pensacola, Florida-based credit union’s second whole-bank purchase in roughly a month, and the seventh proposed acquisition of a bank by a credit union this year. Financial terms of the transaction were not disclosed.
- Gulf Winds announced last month it would buy Madison County Community Bank in Florida, and rebrand itself TruWorth Credit Union next spring. The credit union’s CEO, Daniel Souers, on Friday labeled the two acquisitions “the first chapter of TruWorth.”
Dive Insight:
Acquiring Peoples Exchange Bank will give Gulf Winds a second location in Monroeville – and a fourth in Alabama – and expand the credit union’s asset total to $1.75 billion. Peoples Exchange counts a single branch and $98.6 million in assets, according to a call report dated June 30.
“We are thrilled to find a like-minded financial institution that shares our values and vision for the future,” Peoples Exchange Bank CEO Harvey Gaston Jr. said in a statement Friday. “Partnering with Gulf Winds lets us expand how we serve our longtime customers and deepen the impact we make in our community.”
Gulf Winds said it expects final regulatory approval in mid-2027, with the integration of Peoples Exchange and Madison County Community Bank with the credit union by the beginning of 2028…