FAIRWINDS Credit Union today announced its intent to acquire Friends Bank, a community financial institution with locations in Edgewater, New Smyrna Beach and Ormond Beach, further expanding the credit union’s footprint in Volusia County.
Originally launched in 2000, Friends Bank has provided a full range of services to its clientele, including business and personal banking, loans, mortgages and more. An FDIC-insured, state-chartered bank, Friends Bank has assets of $95 million and serves more than 3,500 customers.
“As an organization with deep roots in Volusia County, Friends Bank shares FAIRWINDS’ values of personalized service and community commitment,” said Larry Tobin, President and CEO of FAIRWINDS Credit Union. “We’re excited to welcome our new members to the FAIRWINDS family.”
As a result of the transaction, FAIRWINDS, which currently has branches in DeLand, Deltona and Orange City, will double its number of branch locations in Volusia County and establish a new presence in the county’s eastern region. In addition, existing customers of Friends Bank will automatically become FAIRWINDS members and will gain access to a full set of services and programs designed to promote their financial freedom and independence. Members may conduct business at more than 30 branch locations across Central Florida and will have access to a robust online banking platform that empowers them to remotely access their money and account information with ease.
“Since May 2000, Friends Bank has had the wonderful opportunity of serving its local markets by providing sound and secure financial solutions to its trusted and established customer base,” said Pete Klironomos, President and CEO. “We are very pleased and confident that in FAIRWINDS, we have secured a formidable partner that shares our philosophy and is very committed toward providing an excellent standard of service to our deserving customers.”
The acquisition, which is subject to regulatory and shareholder approval, is expected to be completed in the third quarter of 2019 and supports FAIRWINDS’ continued evolution of its branch network. Headquartered in Orlando, FAIRWINDS is committed to making the Central Florida community a great place to live, work and play. The credit union has been consistently recognized as one of the region’s best places to work by the Orlando Business Journal and Orlando Sentinel and ranks within Credit Union Journal’s top 10 Credit Unions to Work for.
FAIRWINDS Credit Union was advised in this transaction by Shutts & Bowen LLP as legal counsel and Skyway Capital Markets as financial adviser. Friends Bank was advised in this transaction by Smith Mackinnon PA as legal counsel and Hovde Group LLC as financial adviser.
