TALLAHASSEE, Fla.–First Commerce Credit Union said it is buying The Citizens Bank in Nashville, Ga. The bank is located approximately 90 miles from FCCU’s headquarters, but has branches in Southwest Georgia that are closer.
The purchase has been approved by the boards of directors of both institutions. After the closing of the transaction, First Commerce said it will expand its presence in South Georgia to seven locations with the purchase of all four branches of The Citizens Bank. This will include First Commerce’s existing locations in Valdosta and Thomasville, Ga., as well as the bank’s branches in Nashville, Ray City, Adel, and Valdosta. Combined with its nine existing locations in Florida, First Commerce will have a total of 16 locations in South Georgia and North Florida.
The $620-million First Commerce said its assets will exceed $800 million upon completion of the deal.
‘Serve More Communities’
“The transaction enables First Commerce to serve more communities as their financial partner for life by providing a broad range of financial solutions that have been enjoyed by thousands of loyal First Commerce members over the years,” the credit union said in a statement.
Plans call for the deal to close during the second quarter of 2020.
“First Commerce’s leadership is committed to providing financial solutions that meet the diverse needs of our members,” said Cecilia Homison, CEO of First Commerce. “We have found a true partner in The Citizens Bank who believes in our vision to empower people to enhance their financial well-being. Together we will deliver exceptional member experiences while offering a wide variety of products and services that help to build stronger communities.”
‘Impressed by Commitment to Community’
Added Bill Perry, president of The Citizens Bank, “After careful consideration, I am convinced First Commerce is the right financial institution partner to help The Citizens Bank continue to serve our employees, customers, and our community into the future. They share our values and will greatly enhance our ability to serve our customers in new and improved ways. I have also been impressed by their commitment to community and financial education.”
Perry will work with First Commerce as a “strategic advisor providing invaluable assistance during the transition,” and then will join First Commerce as Market President for the region.
FCCU said it will retain all of Citizens Bank’s employees