The planned acquisition of two banks by Florida and Texas credit unions will expand their commercial portfolios and market reach next year if the deals are approved by regulators and shareholders.
The $2.8 billion Community First Credit Union of Florida in Jacksonville, Fla., announced Tuesday it will purchase the $324 million First Southern Bank in Waycross, Ga., for $50.2 million in cash. On Monday, the $4.4 billion GECU in El Paso, Texas, said it will buy the $186 million Bank of the Southwest in Roswell, N.M. Financial terms were not disclosed.
Founded in 1907, First Southern Bank’s 61 employees operate four branches in Georgia and three branches in Florida, serving more than 10,000 customers. The bank’s holding company, FSBH Corp., is listed on the over-the-counter pink sheets trading venue with 2.93 million shares outstanding.
Shareholders are expected receive approximately $17.14 in cash for each share of FSBH common stock if the deal receives final approvals.
The bank manages a $222 million loan portfolio, $292 million in total deposits and $39.2 million in capital, according to third quarter FDIC financial filings. First Southern Bank posted a net operating income of $2.4 million at the end of September.
The acquisition broadens Community First’s commercial and small business offerings, extends its footprint into Southeast Georgia and throughout Florida, and enhances diversification and talent particularly in commercial banking.
“This acquisition is more than just expansion; it amplifies our shared mission to strengthen our communities and provide unparalleled service through building relationships, growing communities, and doing the right things for the right reasons,” Community First President/CEO Sam Inman said.
Daniel S. Hager, Chairman and CEO of FSBH and First Southern Bank said First Southern Bank customers will continue to see their banker at each location.
“The newly combined institution will have the ability to offer highly personalized financial services, which will enable us the financial capabilities to support further expansion." Hager said. "We clearly see the benefits for our customers and look forward to joining the Community First team.”
The transaction is expected to be completed during the second or third quarter of 2026, pending regulatory and FSHB shareholders’ approval.
If the acquisition is completed, Community First will manage approximately $3.3 billion in assets, $2.5 billion in loans, $2.9 billion in member shares and deposits and 31 branches in Georgia and Florida.
GECU proposed acquisition of the Bank of the Southwest would expand the credit union locations in New Mexico to 14. The credit union currently runs two branches in that state while the bank operates 12 locations, according to Bank of the Southwest’s website. GECU currently runs 30 locations in Texas.
Founded in 1930, Bank of the Southwest’s 32 employees manage a $115 million loan portfolio, $168 million in total deposits and $17.5 million in capital, according to third quarter FDIC financial filings. The bank posted a net operating income of more than $3 million at the end of September.
“Bank of the Southwest has been a cornerstone of the New Mexico financial community, and we look forward to building on their legacy by offering our range of exceptional financial products and services and instilling our people helping people philosophy,” GECU President/CEO Crystal Long said.
If the acquisition is approved, she added, GECU will manage $4.7 billion credit union in assets serving more than 440,000 members and more than 30 branches. The credit union serves more than 439,000 members.
K. Andrew Hogan, CEO of Bank of the Southwest, said the credit union’s commitment to employees, members, and communities aligns perfectly with the values at Bank of Southwest.
“Together we look forward to enhancing our ability to expand commercial lending and our offerings to more communities in New Mexico with GECU’s robust products and services and advanced technology solutions,” he said.
A timeline on when the acquisition is expected to close has not been finalized.
Contact Peter Strozniak at peter.strozniak@arc-network.com
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