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Florida credit union announces deals to buy community bank, bank branches

Lakeland, Fla.-based MIDFLORIDA CU is expanding its footprint with the purchases of a Florida-based community bank and the Florida banking operations of an Iowa-based bank. The pair of deals will push the credit union over $4 billion in assets, and it is on the prowl for more acquisitions.

The deals represent a growing trend of credit unions buying banks and thrifts. MIDFLORIDA is the fifth Florida-based credit union to buy a community bank or thrift just this year, and the sixth in the U.S. In 2018, there were nine deals in which credit unions purchased banks.

MIDFLORIDA, which reported $3.49 billion of assets at March 31, will purchase Ocala, Fla.-based Community Bank and Trust of Florida, which reported $733.3 million of assets. There is no branch overlap in the all-cash deal, so it will expand MIDFLORIDA's operations northward. The majority of Community Bank and Trust of Florida's operations are in Ocala, where the bank has seven branches and is the No. 6 bank by deposit market share with $475 million of deposits. The bank also has branches in The Villages and Gainesville. MIDFLORIDA had no branches in the three metros, with most of its locations in the Lakeland, Orlando and Tampa metros.

MIDFLORIDA simultaneously announced the acquisition of the Florida assets of Fort Dodge, Iowa-based First American Bank. That deal expands MIDFLORIDA's footprint southward with two branches in Naples and one branch in the Cape Coral market, as well as a loan production office in Boca Raton.

Financial terms of the deals were not disclosed.