BARTLETT, Tenn.—The $589-million First South Financial CU here has agreed to buy $138-million WinFirst Bank, located in Winchester, Ky.
The transaction is expected to close during the fourth quarter of 2019, subject to customary regulatory approvals and completion of closing conditions, the CU stated.
“This acquisition is terrific for us,” said Craig Esrael, president and CEO of First South Financial. “WinFirst is a solid financial institution that brings distinct and unique strengths to the table. We feel that there is much we can mutually learn from each other to make our joint organization even greater and which will bring even more substantial benefits to those we serve. For example, WinFirst has deep experience in commercial loans and accounts, and we can offer their customers more product and service options like auto loans and credit cards. It truly is a case of two organizations coming together to make the lives of those who bank with us even better.”
“Together with my fellow employees, I am excited to lead this well-established institution into a new chapter,” said Kari Gough, president and CEO of WinFirst. “WinFirst has a proud history that stretches back 85 years. We have built our reputation on trust, security, and confidence and making a positive difference in our community. Importantly, First South shares our values and this combination will only enhance the high-level customer service that our clients have come to expect from WinFirst.
Gough will join First South Financial upon the acquisition’s completion as Kentucky market president, the CU stated.
“It is our intent to keep all WinFirst employees. They know the communities and their clients value the relationships they have at WinFirst. We appreciate the knowledge and experience of the WinFirst team and look forward to working together,” said Esrael.
“This is another win-win deal for buyer and seller. Personally it’s a positive to continue the momentum of these transactions in the state of Kentucky,” said Michael Bell, attorney and counselor with Royal Oak, Mich.-based Howard & Howard, and an architect of the first-ever CU/bank acquisition in 2011. Bell, who is representing First South Financial, has represented credit unions in more than 95% of these deals.