$9.5B Lakeland credit union to acquire Tallahassee bank

MidFlorida Credit Union, a longtime Polk County institution, is acquiring a Tallahassee-based bank. 

Prime Meridian Holding Co. and its subsidiary, Prime Meridian Bank, will be integrated into the MidFlorida brand upon completion of the acquisition. A statement from MidFlorida on Tuesday notes the combined entity will boast $9.5 billion in assets, $7.2 billion in loans, 1,578 employees and 66 branches once merged.

The board of directors of each bank has approved the sale which is expected to close next year. 

“We built a bank based on a culture of service to our clients, our team and our community,” says Sammie Dixon, Prime Meridian’s vice chairman, president, and CEO in a statement. 

“We recognized the strength in being able to adapt to change and it is fitting we now find ourselves in a position to bring physical locations to MidFlorida’s operations in the Big Bend area. The opportunities for our employees (all of whom will be retained by MidFlorida), and the expanded resources available to our clients, are huge.”

According to the company’s website, MidFlorida Credit Union began as Polk County Teachers Union in 1954. It has gone through many iterations over the years, eventually becoming MidFlorida Credit Union in 2009. What started as only 10 charter members and about $7,000 on deposit became almost half a million members, over 1,500 employees and assets totaling $9.5 billion.