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.”
Established in 2007 and based in Punta Gorda, Calusa has $165 million in assets with four branches in North Port, Port Charlotte, Punta Gorda and Venice. The four locations are now branches of Achieva and the bank's customers will become Achieva Credit Union members. With the acquisition, Achieva now has 24 branches and $1.4 billion in assets.
“It was immediately evident that Achieva's service culture and attention to the customer was in lockstep with ours, giving us assurance that our customers will continue to receive the unparalleled level of service they have come to expect,” says Lew Albert, chairman and CEO of Calusa, in the statement.