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Florida credit union to acquire bank, rebrand itself

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Florida credit union to acquire bank, rebrand itself

Gulf Winds Credit Union’s proposed acquisition of Madison County Community Bank marks the sixth whole-bank purchase by a credit union announced this year.

Gulf Winds didn’t immediately respond to an inquiry Wednesday. Madison County Community Bank declined to comment on the deal’s terms or the bank’s headcount.

Gulf Winds, founded in 1954, serves north Florida, southern Alabama and southern Georgia and has about $1.3 billion in assets.

Madison County Community Bank, established in 1999, operates in Madison and Taylor counties in Florida and has about $212 million in assets.

“People don’t bank … because of the organization,” D. Edward Meggs Sr., the bank’s CEO and president, said in a video on the credit union’s website. “They’re there because of the people that are taking care of them. And as long as our people are in place, I don’t think it will make a lot of difference, as long as we can take care of their needs.”

In its website notice, Gulf Winds said bank employees “will remain the same,” and the credit union isn’t planning to close either of the bank’s locations in Madison or Perry, Florida, each about an hour east of Tallahassee.

“We’re going to have the same people, just more,” Gulf Winds CEO and President Daniel Souers said in the video, alongside Meggs. “We’re going to have the same commitment to our community, but just more resources to do it. And we have the same shared values together.”

The Gulf Winds deal marks the sixth whole-bank purchase by a credit union announced this year.


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