VyStar Credit Union completes acquisition of Citizens State Bank
JACKSONVILLE, Fla. – VyStar Credit Union announced Monday that it has successfully acquired Citizens State Bank, a Florida state-chartered bank headquartered in Perry, Florida with $280 million in assets.
VyStar first announced the move in January but it was expected to take until mid-2019 to complete the acquisition.
VyStar will maintain all four CSB branch offices and all CSB employees. The acquisition will bring VyStar’s total number of full-service branches to 55, and total assets to nearly $8.9 billion, serving more than 665,000 members.
The credit union said all the operations integrations should be finished by mid-October.
“With the CSB acquisition and all future M&As for VyStar, the goal is simple: to grow into new markets and to bring the benefits of credit union membership to more people," said VyStar’s President/CEO Brian Wolfburg. "In the coming months, VyStar is committed to working closely with CSB customers to make the transition as seamless as possible, and we look forward to serving all their financial needs.”
Earlier this year, VyStar received approval from the Florida Office of Financial Regulation (FLOFR) to significantly expand its field of membership by 27 counties -- more than doubling the original 22 counties -- to include all 49 counties of Central to North Florida. This expansion included Taylor County, where CSB’s Perry and Steinhatchee offices are located. VyStar already serves the Gainesville community with two branch locations, the first opening over 10 years ago.
In addition, VyStar received approval from the Georgia Department of Banking and Finance and the FLOFR to expand into four Southeast Georgia counties: Camden, Charlton, Glynn and Ware.
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