The $1 billion Achieva Credit Union in Largo, Fla., is purchasing the $165 million Calusa Bank, which has four offices in Florida’s Sarasota and Charlotte counties, the credit union announced.

This represents the first acquisition of a bank by a credit union in Florida, and in addition, Achieva will purchase all of the bank’s issued and outstanding shares, making it the first “whole bank” acquisition by a credit union. Previous bank purchase transactions by credit unions were all structured as purchase and assumption of only a majority of the assets and deposits, according to Achieva officials.

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