DUNEDIN, Fla. (12/2/15)--Achieva CU, Dunedin, Fla., announced this week that it has received both state and federal approval to formally acquire the Florida-based, state-chartered Calusa Bank.
Negotiators of the deal have said it’s the first time a credit union has made a “whole bank” acquisition in the United States, as Florida law allows capital stock financial institutions to be merged into credit unions.
As part of the deal, Achieva will purchase all of the issued and outstanding shares of Calusa Bank, all Calusa branches will become Achieva locations, and the bank’s former customers will become credit union members.
“All Calusa customers received multiple communications as the acquisition progressed inviting them to transfer to Achieva Credit Union,” David Oak, Achieva vice president of marketing, told News Now in an email. “Many have already taken this opportunity and we expect the majority to become Achieva members by the end of the month.”
Oak added that Calusa Bank signage has been covered temporarily to reflect the Achieva logo. Also, interior branch signage and materials have already been updated.
“(We’re also) educating new members on the credit union difference and all that Achieva has to offer,” Oak said. “These four new locations provide opportunity for outreach to potential new members in the surrounding areas.”
Added Lew Albert, Calusa president/CEO: “It was immediately evident that Achieva’s service culture and attention to the customer was in lockstep with ours, giving us assurance that our customers will continue to receive the unparalleled level of service they have come to expect.”