PENSACOLA, Fla. — Gulf Winds Credit Union plans to acquire Madison County Community Bank and rebrand as TruWorth Credit Union, a combination that would create a financial institution with more than $1.7 billion in assets, 87,000 members and 15 locations across Florida and Alabama.
Gulf Winds said it has entered into a definitive agreement with Madison County Community Bank, or MCCB, and its parent, Madison Community Bancshares Corp., both headquartered in Madison, Fla. Financial terms of the transaction were not disclosed.
The Pensacola-based credit union also announced it expects to begin operating under the TruWorth Credit Union name in spring 2027.
New Slogan Debuts
Gulf Winds said the new identity reflects its belief that consumers are more than their financial transactions and that financial services should remain personal, trusted and focused on communities. The new organization will operate around the promise, “We See Your True Worth.”
“This new identity is about putting a name to what Gulf Winds and Madison County Community Bank have always believed: people come first,” Gulf Winds President and CEO Daniel Souers said in a statement. “As a full-service financial provider serving first-time savers, growing families, small business owners, and future retirees, TruWorth Credit Union will be dedicated to helping people move forward for generations to come.”
Deal Adds $200 Million in Assets
The acquisition would add approximately $200 million in assets to Gulf Winds, along with MCCB’s two branches in Madison and Perry, Florida.
Following the transaction, the combined organization is expected to have more than $1.7 billion in assets and 15 retail locations in Florida and Alabama serving more than 87,000 members, according to Gulf Winds.
Gulf Winds said the combination brings together two community-focused financial institutions with similar commitments to local service, long-term relationships and philanthropic involvement.
‘Simple Belief’
“Madison County Community Bank was founded on a simple belief: people deserve a bank they know and trust,” MCCB President and CEO D. Edward Meggs Sr. said in a statement. “That belief remains at the heart of this decision.”
Meggs said the combination will allow MCCB to retain its community-focused approach while gaining the resources of a larger financial institution.
“TruWorth Credit Union will allow us to carry the best of Madison County Community Bank forward while combining our strengths with Gulf Winds’ strengths to create something even bigger for the future,” Meggs said. “This is not about leaving our history behind. It is about honoring it by building upon it.”
Regulatory Approval Expected in 2027
The transaction remains subject to approval by Madison Community Bancshares shareholders, required regulatory approvals and customary closing conditions.
Gulf Winds said final regulatory approval is expected by mid-2027, with the two organizations expected to be fully integrated by the beginning of 2028.
The credit union said the combination and rebranding are intended to provide a stronger platform for future growth, innovation and member service while preserving the values of both organizations.
The Financials & Advisors
Gulf Winds Credit Union was founded in 1954 and currently has approximately $1.36 billion in assets and 75,000 members.
The credit union reported $6.1 million in net income at midyear 2026 and a net worth ratio of 9.9%, according to its NCUA 5300 Call Report.
The addition of MCCB would increase Gulf Winds’ assets by roughly 15% and add about 12,000 members to its current membership base as the organization transitions to the TruWorth name.
Gulf Winds is being advised on the transaction by CEO Advisory Group and McQueen Financial Advisors as financial advisers and Luse Gorman PC as legal counsel.
Madison Community Bancshares received a fairness opinion from Performance Trust Capital Partners LLC, while Smith Mackinnon PA is serving as its legal counsel.
