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Florida-based VyStar CU to acquire assets of in-state Citizens State Bank

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Florida-based VyStar CU to acquire assets of in-state Citizens State Bank

Jacksonville, Fla.-based VyStar CU agreed to acquire the assets of Perry, Fla.-based Citizens State Bank.

The financial terms of the deal were not disclosed. The deal is expected to close in mid-2019.

SNL valuations for bank and thrift targets in the Southeast region between Jan. 14, 2018 and Jan. 14, 2019 averaged 157.86% of book, 168.76% of tangible book and had a median of 25.73x last-12-months earnings, on an aggregate basis.

VyStar CU will expand in Alachua County, Fla., by two branches to be ranked No. 13 with a 1.17% share of approximately $7.28 billion in total market deposits and will enter Taylor County, Fla., with two branches to be ranked no. 1 with a 46.28% share of approximately $323.40 million in total market deposits.

Citizens State Bank, a unit of Perry Banking Co. Inc., has more than $280 million in assets and four branches across Florida. Upon closing, VyStar CU will have 69 branches and about $8.7 billion in assets, serving more than 650,000 members.

VyStar CU will retain all four branches of Citizens State Bank, as well as all of its employees.

In November 2018, the Florida Office of Financial Regulation approved VyStar CU's application to expand its field of membership by 27 counties.

Howard & Howard Attorneys PLLC served as VyStar CU's legal counsel, while Skyway Capital Markets served as the credit union's financial adviser. Smith Mackinnon PA served as Citizens State Bank's legal counsel, while Hovde Group served as the bank's financial adviser.