CONTACT: Media Relations
FAIRWINDS Credit Union Completes Acquisition of Citizens Bank of Florida
ORLANDO, FL – FAIRWINDS just completed the successful acquisition of Citizens Bank of Florida, a community financial institution headquartered in Oviedo, Florida with assets of $509 million.
With the merger complete, FAIRWINDS assets now total over $4.6 billion. The acquisition also provides a significant boost to FAIRWINDS’ commercial portfolio bringing the total portfolio to $602 million, the third largest commercial portfolio among Florida credit unions. It also significantly expands FAIRWINDS’ commercial team, nearly doubling the number of commercial bankers to serve the needs of Florida businesses and beyond.
FAIRWINDS is acquiring six Citizens Bank branches and is retaining all current Citizens Bank employees. Customers of the bank can expect their accounts to be transitioned to FAIRWINDS’ data processing systems in May 2022.
Both Citizens and FAIRWINDS have a rich history serving the residents and businesses of Seminole county and surrounding areas. As a result of the merger, FAIRWINDS will hold 10.25% deposit market share in the region. Each organization also have a strong foundation supporting the community. FAIRWINDS will continue to build on that foundation of helping organizations and initiatives dedicated to improving the quality of life of its residents and businesses.
“We have been looking forward to the completion of the transaction and are excited to now officially welcome Citizens Bank customers to FAIRWINDS,” said Phil Tischer, COO of FAIRWINDS Credit Union. “We are more than confident they will find the same high-level of service and commitment to the community they experienced with Citizens. FAIRWINDS has a similar culture of exceptional service to our members and dedication to our communities.”
Citizens Bank customers new to FAIRWINDS will have access to its network of 31 branches and a robust online banking platform that empowers them to easily access their money and account information. Additionally, FAIRWINDS offers an extensive product and service menu to meet the needs of both personal and business members.
FAIRWINDS is the financial institution that wants its members to be debt-free. Citizens’ customers can be confident knowing, in FAIRWINDS, they have a trusted partner on the path to financial freedom. FAIRWINDS encourages its members to save more, eliminate debt, build wealth and live generously.
FAIRWINDS Credit Union was advised in this transaction by Shutts & Bowen, LLP as legal counsel and Skyway Capital Markets LLC as financial adviser. Citizens Bank of Florida was advised in this transaction by Smith Mackinnon, PA as legal counsel and Hovde Group, LLC as financial adviser.
FAIRWINDS Credit Union, led by President and CEO Larry Tobin, is headquartered in Orlando and is consistently ranked as one of the best financial institutions and employers in the region. Founded in 1949, the company has 619 employees. At FAIRWINDS, we want our members to achieve financial freedom. To do this we encourage our members to save more, eliminate debt, build wealth, and live generously, supporting them every step along the way. FAIRWINDS empowers members to pursue and achieve their personal and business goals by offering products and services that promote healthy spending and saving habits.