News Column

First Commerce to purchase Crestview bank

August 4, 2014

Northwest Florida Daily News, Fort Walton Beach



Aug. 04--CRESTVIEW -- First Commerce Credit Union has entered into an agreement to purchase First National Bank of Crestview.

The agreement has been approved by the boards of both financial institutions and includes the purchase of assets and assumption of liabilities. The transaction will require the approval of state and federal regulatory agencies, which the two financial institutions hope will happen in late 2014 or early 2015.

"As a multi-generational family bank, after much deliberation and with our customers in mind, our board members have decided to take a less active role in the banking industry," said Jake Wingard, chairman of the First National Bank of Crestview. "We focused on finding the right financial institution partner and First Commerce offers many unique advantages."

Tallahassee-based First Commerce was established nearly 75 years ago and is a full-service not-for-profit credit union with nine locations in Northwest Florida and Southwest Georgia.

First National Bank of Crestview has three locations and is a private commercial bank with nearly 10,000 customers and $85 million in assets.

"We are confident that our search led us to an established, financially secure, growing financial institution in our region that shares our values and could bring expanded products and services to our loyal customers," said Dale E. Rice, Jr., president and CEO of First National Bank of Crestview.

Rice will remain with First Commerce as a regional executive who will provide oversight of the day-to-day operations in Crestview.

"When the time comes, we know our employees, customers and the community as a whole will be in good hands with First Commerce."

If the acquisition is approved, it will be just the sixth credit union in the country to purchase a bank and the first in Florida. First Commerce's membership is expected to grow to more than 50,000 and it's assets to more than $500 million after the acquisition.

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(c)2014 the Northwest Florida Daily News (Fort Walton Beach, Fla.)

Visit the Northwest Florida Daily News (Fort Walton Beach, Fla.) at www.nwfdailynews.com

Distributed by MCT Information Services


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Source: Northwest Florida Daily News (Fort Walton Beach)


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