PENSACOLA, Fla.— Gulf Winds Credit Union is pursuing the acquisition of Madison County Community Bank while preparing to adopt a new name, according to Tyfone. The Pensacola-based credit union plans to begin operating as TruWorth Credit Union in spring 2027.
The $1.3-billion-asset Gulf Winds said it has agreed to acquire the approximately $200-million-asset bank, which operates branches in Madison and Perry, Fla. The transaction is subject to regulatory and other customary approvals.
Tyfone reported the combined organization would serve more than 87,000 members and operate 15 locations across Florida and Alabama. The acquisition would expand Gulf Winds’ presence in North Florida while adding two communities to its existing service area.
Madison County Community Bank was founded by local residents in 1999 and is owned by Madison Community Bancshares Corp. It is a Florida state-chartered, FDIC-insured bank. Luse Gorman is advising Gulf Winds on the transaction, according to Tyfone.
“This new identity is about putting a name to what Gulf Winds and Madison County Community Bank have always believed: people come first,” Gulf Winds President and CEO Daniel Souers said.
“While CU/bank deal volume has moderated, the deal pipeline remains active,” said Jeffrey Cardone, a partner at Luse Gorman.