MIDFLORIDA Credit Union in Lakeland, Fla., has agreed to buy Prime Meridian Bank in Tallahassee, Fla.
The $8.6 billion-asset credit union said in a press release that it will pay $58.50 a share in cash for the $924 million-asset bank in a deal expected to close next year.
Prime Meridian, which has four branches, would be MIDFLORIDA’s third bank acquisition in the past five years.
“As Florida’s community credit union we are already serving the panhandle in a lending capacity with mortgage, auto and commercial business loans,” Steve Moseley, MIDFLORIDA’s president and CEO, said in the release. “This acquisition will provide branches in the market to fuel additional growth in both consumer and business banking.”
MIDFLORIDA was advised by Smith Mackinnon and DD&F Consulting Group. Prime Meridian was advised by Igler and Pearlman and Hovde Group.