COLUMBIA, S.C.–A South Carolina credit union has announced plans to buy four bank branches, in Georgia while a Michigan-based credit union said its acquisition of a Florida-based bank is now complete.
In South Carolina, the $1.42-billion Palmetto Citizens Federal Credit Union said it has reached an agreement with Southern Financial Corporation and Southern Bank to purchase the bank’s four branches in Georgia.
As of Sept. 30, the deposits and loans to be conveyed to Palmetto Citizens were approximately $83 million and $20 million, respectively, the organizations said, adding that Palmetto Citizens plans to hire all current Southern Bank employees at each of the acquired branches. Southern Financial Corporation estimates that the transaction will be accretive to its tangible book value per share in a range of $0.75 to $1.00 at the closing. The transaction is expected to close in the first half of 2026, subject to customary closing conditions and regulatory approvals, the bank said in a statement.
“As Southern Bank has evolved into a commercially focused community bank over the past couple years, we began assessing our options related to portions of our enterprise that did not entirely fit the new business plan,” said Jamin Hujik, executive vice chairman with Southern Bank, in a statement. “Once identified, we set out to find the best possible overall result for our shareholders, team members, customers and communities related to that portion of our business…”
‘Exciting Opportunity’
Added Palmetto Citizens FCU President and CEO Robert Dozier in a statement, “For nearly 90 years, Palmetto Citizens has stood for trust, stability, and care for our members and the communities we serve. This agreement represents an exciting opportunity to build on that legacy by thoughtfully expanding our service beyond South Carolina and into Georgia. We look forward to welcoming these new members into the Palmetto Citizens family and providing them with the same personal, community-focused service and value that have long defined who we are.”
Mercer Capital served as financial advisor, and Hongiman, LLP served as legal counsel to Palmetto Citizens.
Palmetto Citizens FCU, which has 86,000 members, reported $15.1 million in net income through the third quarter, with net worth of 13.14%.
Michigan CU Completes Acquisition of Florida Bank
Meanwhile, Michigan-based DFCU Financial is reporting it has completed its acquisition of Winter Park National Bank in Florida. All Winter Park National Bank locations are now operating under the DFCU Financial name.
The Winter Park NB deal marks the third bank the credit union has bought in Florida. It acquired First Citrus Bank in 2023, purchased two branches from MidWestOne Bank in that same year, and Winter Park National Bank this year.
“With this acquisition, we’ve united two organizations that share a passion for member success and community impact,” President and CEO Ryan Goldberg said in a statement. “Leveraging Winter Park’s deep local relationships and DFCU’s scale and resources, we’re able to deliver more comprehensive, competitive, and innovative financial solutions to serve members across Central Florida and beyond.”
Systems Integration in 2026
The $6.87-billion DFCU Financial said all former Winter Park National Bank customers are now members of the credit union, and that all of its product and service offerings will be available at all Central Florida locations after a full systems integration, which is expected in March 2026.
Expanded FOM
In Florida, DFCU Financial’s field of membership includes all those who live, work, worship, or attend school in the six-county Tampa Bay region, the three-county Southwest Florida region, and Orange, Seminole, Osceola, Lake, Volusia and Sumter counties.
As part of the integration, David Dotherow, former president and CEO of Winter Park National Bank, has been appointed Central Florida Area president for DFCU Financial.
