PENSACOLA, Fla. — Gulf Winds Credit Union announced Friday that it has agreed to acquire Peoples Exchange Bankof Monroeville, Alabama, its second proposed bank acquisition in a month.
The two institutions are about 93 miles apart.
Gulf Winds, which is in the process of rebranding as TruWorth Credit Union, and the bank’s parent company, Peoples Exchange Bancshares Inc., said they have signed a definitive agreement. The organizations did not disclose a purchase price. The announcement follows Gulf Winds’ Aug. 25 agreement to acquire Madison County Community Bank in Florida. Neither transaction has been completed.
If both deals close, Gulf Winds said it expects to have more than $1.75 billion in assets, nearly 90,000 members and 16 branches. The credit union, which already has a branch in Monroeville, said the acquisition would expand its service and community outreach there. Gulf Winds also plans to change its name to TruWorth Credit Union in spring 2027.
‘Proud to Partner’
“We are proud to partner with Peoples Exchange Bank, who shares our belief in community investment, long-term relationships, and modern service with a human touch,” Gulf Winds President and CEO Daniel Souers said in the institutions’ joint announcement.
Peoples Exchange Bank CEO Harvey Gaston Jr. said the bank has served the region since 1907. “Partnering with Gulf Winds lets us expand how we serve our longtime customers and deepen the impact we make in our community,” he said.
According to Gulf Winds CU, the Peoples Exchange deal requires approval from shareholders of its parent company and regulators, along with other customary closing conditions. The institutions said they expect final regulatory approval in mid-2027 and full integration by the beginning of 2028.
Gulf Winds said in August that the Madison County Community Bank acquisition would add about $200 million in assets and branches in Madison and Perry, Florida. That deal also requires shareholder and regulatory approval.
