News Release: First Commerce Credit Union
August 4, 2014
TALLAHASSEE, Fla. -- In the first deal of its kind in the state, First Commerce Credit Union and First National Bank of Crestview (FNBC) have entered into an agreement for First Commerce to purchase FNBC. The agreement has been approved by the boards of both financial institutions and includes the purchase of assets and assumption of liabilities. The transaction will require the approval of four state and federal regulatory agencies, which the financial institutions hope will allow them to close on the purchase by late 2014/early 2015.
“As a growing credit union looking for opportunities to expand our services in the Southeast, we are excited about this forward-thinking collaboration and feel it is a great fit all the way around,” said Cecilia Homison, CEO of First Commerce. “We look forward to welcoming First National Bank team members and customers to the First Commerce family and bringing them our model of remarkable service, expanded offerings and commitment to community.”
“We are confident that our search led us to an established financially secure, growing credit union in our region that shares our values and will bring expanded products and services to our loyal customers,” said Dale E. Rice Jr., President and CEO of First National Bank of Crestview, who will remain with First Commerce as the Regional Executive with responsibilities including oversight of the day-to-day operations in Crestview. “When the time comes, we know that our employees, customers and the community as a whole will be in good hands with First Commerce.”
Established nearly 75 years ago and recently named the 2013 Credit Union of the Year by the League of Southeastern Credit Unions, First Commerce is a full-service not-for-profit credit union headquartered in Tallahassee, with 9 locations in Northwest Florida and Southwest Georgia.
With three locations, First National Bank of Crestview is a private commercial bank with nearly 10,000 customers and approximately $85 million in assets.
If approved, by the time the acquisition is complete, First Commerce’s member base is expected to grow beyond 50,000 and assets to more than $500 million.
“This agreement reflects First Commerce’s progressive approach in continuing to enhance the value of our organization to the benefit of our members,” said Dr. Jerry Osteryoung, Chairman of First Commerce.