Florida's Office of Financial Regulation issued a notice ofintent to approve a merger between two financial institutions inthe state: The $1.1 billion, 125,000-member Achieva Credit Union and the $165million Calusa Bank.

The Punta Gorda-based, privately-held bank has four branches,and this transaction would increase Achieva CU's branches from 19to 23, according to the financial institutions' websites.

Both the NCUA and FDIC will need to approve the transaction forthe state's approval to remain in effect, the notice of intentsaid.

According to the notice, Achieva CU made clear on its purchase application that it isnot seeking to continue running the bank as a subsidiary, and thatthe bank will end as a corporation once the transaction has beencompleted.

The notice also said Achieva CU will be required to amend itsbylaws to add DeSoto County, Florida, to its field of membership.In addition, if the merger is completed, the cooperative will funddeposit accounts for all Calusa Bank borrowers who did not holddeposit accounts at the bank in order to initially qualify them formembership.

Calusa Bank customers with deposit accounts would automaticallyreceive the option to become Achieva CU members, but would alsohave to proactively agree to become members and sign membershipagreements, the notice of intent said. The credit union will havesix months from the effective date of the transaction to sort outwhich former Calusa depositors and borrowers would become membersof the cooperative and which declined to do so.

The notice of intent did not reveal how much the credit unionwill pay for the bank.

Achieva CU did not immediately respond to a request for commenton the notice.