Major undertaking

Being first, Gary Regoli has learned, isn't always easy.

The CEO of Dunedin-based Achieva Credit Union, Regoli and his team are behind a $23 million acquisition of Charlotte County-based Calusa Bank. Approved by government regulators Dec. 1, the deal is the first-ever whole bank acquisition by a credit union in Florida where all issued and outstanding shares were bought, according to Achieva executives.
Previous transactions between credit unions and banks were structured as purchase and assumption of only a majority of the assets and deposits.

The deal, in which Achieva, with nearly $1.4 billion in assets, paid a 1.36 price-to-book value for Calusa, was first announced in May. For 2016, says Regoli, the focus shifts to integration. The long to-do list includes everything from software and computer changeovers to reaching out to Calusa customers to training employees.