Innovations Financial Credit Union in Panama City, Fla., has agreed to buy First National Bank Northwest Florida in Panama City – the third credit union-bank deal announced this week.
The $390 million-asset credit union did not disclose the price it will pay for the $179 million-asset First National.
First National had agreed last year to sell to Harvesters Credit Union but that transaction was eventually terminated.
Eight credit unions have agreed to buy banks this year. This week alone, Michigan State University Federal Credit Union agreed to buy McHenry Savings Bank in Illinois and Five Star Credit Union in Alabama agreed to buy OneSouth Bank in Georgia.