TAMPA, Fla. (8/22/14)--Tampa, Fla.,-based Floridacentral CU has received the thumbs up from the Florida Office of Financial Regulation to purchase a branch of the First Federal Bank of Florida, an office spokesperson confirmed to News Now Thursday.
The deal allows the $399 million-asset credit union to take over the bank's office in Sarasota, Fla., buy certain assets and take over liabilities from the bank. The National Credit Union Administration must still sign off on the transaction.
"Buying a bank branch typically allows for quicker geographic expansion and member growth than building a new branch," said Michael Bell, an attorney and counselor from Royal Oak, Mich. (eSignal Aug. 21).
The undisclosed price tag for the building nets Floridacentral about $11 million in consumer deposits, according to CEO Laida Garcia, who has said that the building's location is desirable because of its central location in an area where 2,000 of the credit union's members live or work.
The bank's 600 remaining customers at the Sarasota branch will have to decide whether to become member/owners of Floridacentral or have their accounts transferred to one of the bank's remaining locations.