VyStar Credit Union is acquiring Citizens State Bank as part of its expansion across North and Central Florida, signing an agreement and plan of merger with the Perry-based bank, which has four locations in Gainesville, Perry and Steinhatchee.
The acquisition furthers the credit union’s efforts to expand into 27 Florida counties, on top of its current 22-county footprint, which would give it a membership base in all of North and Central Florida.
“The CSB acquisition and our recent field of membership expansions are significant milestones in our vision to bring credit union services to more people,” CEO Brian Wolfburg said in a statement. “VyStar’s growth over the past 65 years has been organic, and that has served us well. Now, our recent expansions are taking VyStar into new markets, making it necessary to consider mergers/acquisitions to more efficiently serve these new markets.”
Once finalized, the acquisition will give VyStar 69 branches, $8.7 billion in assets and 650,000 members.
More information can be found at the Jacksonville Business Journal.