M&A News: Florida Bank Is Third to Be Bought by Credit Union in 2019

The following bank mergers and acquisitions were announced in the past week:

  • Fairwinds Credit Union, a $2.2 billion institution in Orlando, Fla., agreed to buy the $95 million Friends Bank, based in New Smyrna Beach, Fla. According to credit union industry watchdog Keith Leggett, this will be the third acquisition of a bank by a credit union this year; all three deals have involved Florida institutions.
  • German American Bancorp, the holding company for the $3.1 billion German American Bank, based in Jasper, Ind., on Thursday announced that it will continue its expansion into Kentucky by acquiring Citizens First Bank, a $476 million institution based in Bowling Green. The company expects to complete the merger in the third quarter.
  • Last week, Rosemont, Ill.-based Wintrust Financial Corp. — a $31 billion holding company that owns 15 community banks in greater Chicago and southern Wisconsin — said it would acquire Chicago-based Oak Bank and its parent company, with $196 million in assets. The acquisition is expected to close in the second quarter.
  • Stone Bancshares, the holding company for $372 million Stone Bank in Mountain View, Ark., on Monday agreed to acquire DeWitt Bank and Trust, a $99 million bank based in DeWitt, Ark., and its holding company. The deal is expected to close this spring.
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Evan Sparks

Evan Sparks is editor-in-chief of the ABA Banking Journal and vice president for publications at the American Bankers Association.