JACKSONVILLE, Fla.—The $2.9-billion Community First Credit Union of Florida here has agreed to buy $331-million First Southern Bank, headquartered in Waycross, Ga., the CU announced.
The deal is the second CU purchase of a bank this week. As CUToday.info reported, GECU Monday announced that it will acquire the Bank of the Southwest.
The transaction has been approved by the boards of directors of both institutions. Following the completion of the transaction, FSBH will liquidate and dissolve and distribute its remaining assets to its stockholders. When the acquisition is completed, Community First will have approximately $3.3 billion in assets, $2.5 billion in loans, $2.9 billion in member shares and deposits and will have 31 branches throughout Georgia and Florida. In connection with the transaction, the shareholders of FSBH will receive approximately $17.14 in cash for each share of FSBH common stock, the FSBH said.
The transaction is anticipated to be completed in the second or third quarter of 2026, subject to receiving all required regulatory approvals, approval by the shareholders of FSBH, and other customary closing conditions.
Community First said the deal broadens its commercial and small business offerings, extends its footprint into Southeast Georgia and throughout Florida, and enhances diversification and talent particularly in commercial banking.
"While we love the growth opportunities that come with the transaction, this acquisition is founded on a unified vision between Community First and First Southern Bank,” said Sam Inman, president and CEO of Community First. “Both institutions emphasize a community-oriented and relationship-based approach, maintaining a culture that respects individuals and prioritizes service excellence.
“This acquisition is more than just expansion; it amplifies our shared mission to strengthen our communities and provide unparalleled service through building relationships, growing communities, and doing the right things for the right reasons,” continued Inman.
“We are excited about the opportunity to unite these two like-minded organizations,” stated Daniel S. Hager, chairman and CEO of FSBH and First Southern Bank. “First Southern Bank customers will continue to see their trusted familiar banker at each location. The newly combined institution will have the ability to offer highly personalized financial services, which will enable us the financial capabilities to support further expansion.”
First Southern made $1.5 million through June of 2025, according to FDIC data. Community First made $21.4 million through the first half of the year and net worth stands at 12.74%, according to Call Report data.
“This is another win-win-win for the seller, buyer and Mainstreet America,” said Michael Bell, a partner and co-chair of the Financial Institutions Practice Group at Honigman, LLP, which is representing Community First. “Credit Unions and community banks are powerful partners that serve communities in a unique and special way. It’s great to be a part of transactions that preserve and protect this mission of service.”
Bell, the pioneer of credit union purchases of banks, has been involved in more than 50 whole-bank agreements, plus additional bank branch purchases.