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Florida's Achieva CU buying Preferred Community

In Florida, Dunedin-based Achieva CU is acquiring Preferred Community Bank of Fort Myers.

Terms of the deal were not disclosed. For reference, SNL valuations for bank and thrift targets in the Southeast between Feb. 14, 2017, and Feb. 14, 2018, averaged 159.57% of book, 168.84% of tangible book and had a median of 24.01x last-12-months earnings, on an aggregate basis.

Achieva had $1.53 billion in assets at the end of 2017; Preferred had $117.6 million. The bank has three branches in Lee County, Fla., where it ranks No. 23 with a 0.64% share of approximately $15.27 billion in total market deposits. Those branches will stay open after deal completion, bringing Achieva's branch count to 26.

The deal is expected to close later this year, pending shareholder and regulatory approvals.

Hovde Group LLC, with lead banker Nickolas Barbarine, served as Preferred's financial adviser in this transaction. Smith Mackinnon PA, with lead attorney John Greeley, was legal counsel.

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