Fairwinds Credit Union has announced its plans to acquire community financial institution Citizens Bank of Florida.

The deal will increase Fairwinds’ commercial portfolio from $387m to more than $600m.

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Citizens Bank of Florida particularly offers business and personal banking services. It has six locations in Central Florida and has around $489m of assets.

Fairwinds president and CEO Larry Tobin said: “As an organisation with deep roots in Seminole County, Citizens Bank of Florida shares Fairwinds’ values of commitment to community and putting our members and customers first.

“We look forward to welcoming Citizens Bank of Florida customers as new members of Fairwinds. We believe they will find great value in our approach to providing exceptional personal service along with our products and programmes designed to promote financial freedom and independence.

“They will have access to 31 additional branch locations throughout Central Florida and a robust online and mobile banking platform. Additionally, Citizens’ customers will still feel right at home as Fairwinds will be retaining Citizens’ employees.”

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Citizens Bank of Florida president and CEO Rick Lee said: “We are very confident that Fairwinds has our customers’ best interest in mind and will provide the outstanding service they deserve.

“I am equally confident that Fairwinds will continue our efforts supporting the communities in which we operate.”

The acquisition is expected to close in December this year, subject to regulatory and shareholder approvals.