LAKELAND, Fla.–MIDFLORIDA Credit Union said it has received regulatory approval to complete its acquisition of Prime Meridian Bank, which it expects to close on March 1.
In early 2025 MIDFLORIDA announced it planned to acquire Tallahassee-based Prime Meridian Bank in a deal that at the time was to create a combined entity with $9.5 billion in assets, $7.2 billion in loans and 66 branches. Prime Meridian shareholders were set to receive $58.50 for each share they own, though that is subject to adjustment, MidFlorida said.
With the acquisition, MidFlorida is gaining four locations – two in Tallahassee, one in Lakeland and one in Crawfordville. Three of the branches are in the Big Bend area of Florida, giving MIDFLORIDA CU a presence in the market for the first time. The deal aims to give MidFlorida a physical presence in the Panhandle for the first time.
‘Already in Market’
“We are already serving the panhandle in a lending capacity with mortgage, auto and commercial business loans,” Steve Moseley, MidFlorida’s CEO, said in a statement at the time. “This acquisition will provide branches in the market to fuel additional growth in both consumer and business banking.”
MIDFLORIDA said it will retain all of Prime Meridian’s employees, according to the release.
Earlier Acquisitions
The acquisition is not the first for the credit union, which in 2019 simultaneously announced it would buy two banks: Community Bank & Trust of Florida, and First American Bank of Iowa (though the latter purchase was limited to the bank’s Florida assets).
“We are excited to reach this pivotal moment,” Moseley said in a statement. “This regulatory approval reflects the confidence that governing authorities have in our vision and our ability to deliver exceptional service to even more Floridians. As Florida’s community credit union, we remain committed to providing best-in-class financial solutions while preserving the strong relationships that Prime Meridian’s customers and employees value.”
The two organizations said they are planning a late-April system conversion, after which Prime Meridian customers will gain access to all MIDFLORIDA branches and existing MIDFLORIDA members will benefit from new locations in Tallahassee and Crawfordville.
