Jacksonville, Fla.-based VyStar CU has acquired Perry, Fla.-based Citizens State Bank, which had $280 million in assets. The merger of the two organizations was finalized Aug. 2.
VyStar CU will maintain all four Citizens State Bank branches and all the bank's employees. The acquisition brings the credit union's total assets to approximately $8.9 billion, according to a news release.
The operational aspects of the consolidation, including system integration, are expected to be completed in mid-October.
Howard & Howard Attorneys PLLC represented VyStar CU in the transaction as legal counsel, and Skyway Capital Markets acted as a financial adviser. Citizens State Bank was represented by Smith Mackinnon PA as legal counsel and Hovde Group as a financial adviser.