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Business Observer Friday, Oct. 12, 2018 1 year ago

Taking credit

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Pioneering credit union Achieva acquires Preferred Community Bank of Lee County.

The credit union that captured national attention as the first credit union nationwide to acquire a bank is at it again.

Based in Dunedin, Achieva recently completed the acquisition of Fort Myers-based Preferred Community Bank, which was established in 2007 and operates branches in Fort Myers, Lehigh Acres and Cape Coral. The bank had $115.9 million in assets through June, according to Federal Deposit Insurance Corp. data. 

Terms of the deal weren't disclosed. 

For several months, Preferred customers have had the opportunity to opt-in as Achieva customers, a process that remains ongoing. The Lee County branches now operate as branches of Achieva.

“Nearly two-thirds of Preferred customers have already voluntarily opted-in to transfer their accounts to Achieva over the last several months, and more customers are signing up every day,” Achieva CEO Gary Regoli says in a statement.

Three years ago, Achieva made national news with its purchase of Calusa Bank. It paid $23.2 million for Punta Gorda-based Calusa, the first time a credit union made an acquisition of an entire bank. Since then, several other credit union acquisitions of banks have occurred. Achieva has also developed a consulting service, Achieva Merger Services, to provide expertise to other credit unions and community banks.

Founded in 1937, Achieva now serves 150,000 members who live or work in Charlotte, Collier, DeSoto, Hernando, Hillsborough, Lee, Manatee, Pasco, Pinellas and Sarasota counties. Family members of Achieva members may also bank at Achieva. The credit union has $1.55 billion in assets, according to the National Credit Union Association. 

 

 

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