Credit union gets OK to buy lender

PUNTA GORDA — Government regulators approved Achieva Credit Union's $23 million acquisition of Calusa Bank, clearing the way for the first transaction of its kind in Florida.

Under the terms of the deal, Dunedin-based Achieva will purchase all of the issued and outstanding shares of Calusa Bank, making this the first “whole bank” acquisition by a credit union. This is unique because previous transactions between credit unions and banks were structured as purchase and assumption of only a majority of the assets and deposits, Achieva says in a statement.

“The transaction process has gone just as smoothly as we could have wished,” says Achieva CEO Gary Regoli, in a statement. “This helps broaden our reach and it follows the Achieva strategy of growing smartly into areas where we can provide the tremendous benefits of Achieva to new members.”