VyStar Credit Union said Monday it agreed to acquire Citizens State Bank, which has four branches in Florida and more than $280 million in assets.
Citizens State Bank is headquartered in Perry. In addition to its branch there, it has two offices in Gainesville and one in Steinhatchee.
Jacksonville-based Vystar said the agreement follows approval in November from the Florida Office of Financial Regulation to expand its field of membership by 27 counties to 49, covering all counties of Central and North Florida.
The addition of Citizens State will give Vystar 69 branches and assets of nearly $8.7 billion, with 650,000 members.
“VyStar’s growth over the past 65 years has been organic, and that has served us well,” CEO Brian Wolfburg said in a news release.
“Now, our recent expansions are taking VyStar into new markets, making it necessary to consider mergers/acquisitions to more efficiently serve these new markets,” he said.
The acquisition is expected to close at midyear.
Terms of the deal were not announced.