The Villages, Fla.-based Citizens First Bank applied with the Federal Deposit Insurance Corp. to acquire certain assets and assume certain liabilities of Lake City, Fla.-based First Federal Bank's branch at 2505 Burnsed Blvd. in The Villages, Fla.
The deal involves the purchase of about $872,000 in loans and the assumption of about $35.4 million in deposits, subject to change by the closing date, according to a filing recently obtained by S&P Global Market Intelligence. Citizens First Bank will also purchase the real property of the branch in question from First Federal Bank for its appraised value.
As of March 31, Citizens First Bank had $2.11 billion in assets. First Federal Bank had $1.41 billion in assets, as of the same date.
Citizens First Bank is a unit of Villages Bancorp Inc., while First Federal Bank is a subsidiary of First Federal Bancorp Inc.