First Citrus Bank President and CEO Jack Barrett, DFCU President and CEO Ryan Goldberg, and other credit union officers address the influx of credits unions acquiring banks in Florida.
Within the article, Goldberg explains the trend, “Credit unions are buying banks to enter new markets, diversify their balance sheets and income statements, as well as to add expertise in areas such as commercial banking.”
Barrett further indicates that credit unions and community banks share similar values and culture, as opposed to merging with a national bank. This is supported by Kevin Jones, the now-retired former CEO of MidFlorida Credit Union, quoted in 2019 as saying, “Credit unions are becoming the new community banks.”
To read the complete article in the Business Observer, click: Credit unions near and far target Florida banks for acquisition