Credit union targets $4B in assets with double mergers

LAKELAND — MidFlorida Credit Union, with $3.3 billion in assets, is the latest entry into the burgeoning credit union-buys-bank market, with a pair of new deals.

One is a merger with Ocala-based Community Bank & Trust of Florida, a $730 million-asset bank, according to a statement. The other is an acquisition of the Florida assets of First American Bank of Iowa, which are mostly in Southwest Florida, the release adds. After both deals close, pending regulatory approvals, the combined entity will boast $4 billion in assets, $3 billion in loans, 1,100 employees and 63 full-service branches.