Credit union to buy First National Bank of Crestview

Bank1

The First National Bank of Crestview is in the process of being purchased by First Commerce Credit Union.

MATTHEW BROWN / News Bulletin
Published: Tuesday, August 5, 2014 at 05:42 PM.

CRESTVIEW — The First National Bank of Crestview has agreed to be purchased by First Commerce Credit Union.

The credit union, with nine locations in Northwest Florida and southwest Georgia, will acquire the private commercial bank, which was established in 1956. That includes the bank’salmost 10,000 customers and $85 million in assets, according to an FNB of Crestview press release.

This would be the first time that a credit union has purchased a bank in Florida, according to the press release.  

Both financial institutions' boards have approved the agreement. Now, they need approval from state and federal regulatory agencies including the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the National Credit Union Association and the Florida Office of Financial Regulation.

Both parties hope to have the purchase approved and finalized within the next six to eight months.

The purchase decision was made after "much deliberation" from FNB of Crestview’s board of directors, the release stated.

"As a multi-generational family bank … and with our customers in mind, our board members have decided to take a less active role in the banking industry,” said longtime board member J.D. "Jake" Wingard.



1 2
Next

Reader comments posted to this article may be published in our print edition. All rights reserved. This copyrighted material may not be re-published without permission. Links are encouraged.

COMMENTS
▲ Return to Top
 

Local Faves