LAKELAND, Fla.–The $8.1-billion MIDFLORIDA Credit Union said it plans to acquire Prime Meridian Holding Co. and its wholly owned subsidiary, the $923.8-million Prime Meridian Bank.
Prime Meridian Bank, which is headquartered in Tallahassee, Fla., approximately 250 miles northwest of MIDFLORIDA CU’s Lakeland, Fla. headquarters, has a branch in Lakeland, along with two branches in its home market and a branch in Crawfordsville, Fla.
Prime Meridian shareholders will receive $58.50 in cash for each share owned subject to adjustment as set forth in the merger agreement between MIDFLORIDA and Prime Meridian Holding Company, the organizations reported.
Third Acquisition in Five Years
The acquisition represents MIDFLORIDA’s third bank acquisition in the past five years and will expand the credit union’s footprint into Florida’s panhandle. MIDLFORIDA CU earlier bought Community Bank & Trust of Florida and the Florida assets of First American Bank of Iowa, and its operations reach as far south as Naples, Fla.
Upon completion, the combined entity will boast $9.5 billion in assets, $7.2 billion in loans, 1,578 employees, and 66 branches, the credit union said in a statement.
MIDFLORIDA CU has approximately 500,000 members. It reported $109.8-million in year-end 2024 income, with net worth of 10.65%.
In announcing the acquisition, MIDFLORIDA said the bank is “widely recognized for its culture of personalized client service, commercial lending portfolio and well-established mortgage operation.”
‘Huge Opportunities’ Cited
“We built a bank based on a culture of service to our clients, our team and our community,” Sammie Dixon, Prime Meridian’s vice chairman, president and CEO, said in a statement. “We recognized the strength in being able to adapt to change and it is fitting we now find ourselves in a position to bring physical locations to MIDFLORIDA’s operations in the Big Bend area. The opportunities for our employees (all of whom will be retained by MIDFLORIDA), and the expanded resources available to our clients, are huge.”
Added MIDFLORIDA CU President and CEO Steve Moseley in a statement, “As Florida’s community credit union we are already serving the panhandle in a lending capacity with mortgage, auto and commercial business loans. This acquisition will provide branches in the market to fuel additional growth in both consumer and business banking.”
Extended Hours
MIDFLORIDA CU said it has become known for offering the convenience of extended drive-thru hours (7 a.m. to 7 p.m.) and full-service Saturday hours, among other offerings.
“While many financial institutions are leaving the branch model behind, MIDFLORIDA and Prime Meridian share the belief that in-person, in-branch service — coupled with convenient digital options — is an important win for customers,” MIDFLORIDA CU COO Chris David said in a statement.
Where Deal Stands
MIDFLORIDA CU said the agreement to acquire Prime Meridian has been unanimously approved by each institution’s board of directors. Subject to regulatory and Prime Meridian shareholder approvals and customary closing conditions, the acquisition is expected to take place in 2026.
MIDFLORIDA was advised by Smith Mackinnon, PA, as legal counsel, and DD&F Consulting Group, as financial advisor. Prime Meridian Bank was advised by Igler and Pearlman, P.A., as legal counsel, and Hovde Group, LLC as financial advisor.
