FAIRWINDS Credit Union to buy Citizens Bank of Florida

FAIRWINDS Credit Union announced their purchase of Citizens Bank of Florida in a press release on Thursday. 

Citizens Bank of Florida, an FDIC-insured, state-chartered bank originally founded in 1946, has provided a variety of professional and personal banking services to the Central Florida community through their six local locations.

"As an organization with deep roots in Seminole County, Citizens Bank of Florida shares FAIRWINDS’ values of commitment to community and putting our members and customers first," said FAIRWINDS President and CEO Larry Tobin in the press release. "We look forward to welcoming Citizens Bank of Florida customers as new members of FAIRWINDS. We believe they will find great value in our approach to providing exceptional personal service along with our products and programs designed to promote financial freedom and independence. They will have access to 31 additional branch locations throughout Central Florida and a robust online and mobile banking platform. Additionally, Citizens’ customers will still feel right at home as FAIRWINDS will be retaining Citizens’ employees."

The bank currently has $489 million in assets that FAIRWINDS will inherit as well as a 10.25% market share for FAIRWINDS in Seminole County. FAIRWINDS' commercial portfolio will also increase from $387 million to over $600 million, according to the press release.

"FAIRWINDS has a large consumer portfolio serving over 200,000 members, while Citizens Bank of Florida excels in their commercial portfolio, in addition to serving consumer accounts," said Phil Tischer, FAIRWINDS’ Chief Operating Officer in the press release. “The transaction will strengthen our established and growing commercial banking team and product offering.”

However, the sale is not the first time that the two financial institutions have come together. In the past, FAIRWINDS and Citizens Bank of Florida have worked together to assist in the development of the non-profit Black Venture Fund which helps to support minority-owned businesses. 

The deal is set to be complete in December of 2021, pending regulatory and shareholder approval.