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

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

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

According to the notice, Achieva CU made clear on its purchase application that it is not seeking to continue running the bank as a subsidiary, and that the bank will end as a corporation once the transaction has been completed.

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

Calusa Bank customers with deposit accounts would automatically receive the option to become Achieva CU members, but would also have to proactively agree to become members and sign membership agreements, the notice of intent said. The credit union will have six months from the effective date of the transaction to sort out which former Calusa depositors and borrowers would become members of the cooperative and which declined to do so.

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

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

Instant Insights /

Florida Approves Achieva CU, Calusa Bank Merger

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