Mmastodon BusinessBanking first seen 5 h ago, last 1 h ago, peak #3

Gulf Winds Credit Union to buy second bank in a month

Original: Florida credit union to buy 2nd bank in a month Gulf Winds Credit Union agreed to buy Madison County Community Bank in A

Gulf Winds Credit Union, based in Florida, has agreed to acquire Peoples Exchange Bank in Alabama, its second bank purchase in a month following a deal for Madison County Community Bank in August. The credit union is expected to complete a rebrand next year. The rapid back-to-back acquisitions are drawing attention as credit unions increasingly move into buying traditional banks.

Why now: Credit unions acquiring banks is a notable and relatively rare trend in the banking industry, and two deals in one month is unusual.

Gulf Winds Credit UnionMadison County Community BankPeoples Exchange Bank

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Evidence

• Florida credit union to buy 2nd bank in a month Gulf Winds Credit Union agreed to buy Madison County Community Bank in August. Now it’s following up with a deal for Alabama’s Peoples Exchange Bank before a scheduled rebrand next year. https://www. bankingdive.com/news/gulf-wind… · AlexJimenez@mas.to · 1

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