Florida-based Power Financial Credit Union has agreed to acquire TransCapital Bank, a local lender.

Financial terms of the deal were not revealed.

TransCapital, founded in 1999, has three branches located in Sunrise, Hallandale Beach and Delray Beach.

The bank’s staff headcount was 22 as at 31 December 2018.

Power Financial manages around $660m in assets.

The firm, with more than 32,000 members, has six branches.

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Together, the two businesses will have nearly $860m in assets, 16 ATMs and nine branches in South Florida.

TransCapital branches will adopt the Power Financial name upon deal completion in the third quarter of this year.

The transaction is currently pending shareholder and regulatory nod.

Power Financial CEO Allan Prindle said: “TransCapital Bank is the 10th largest bank in the region in terms of asset size, is highly ranked by its return on average assets, and has demonstrated an impressive track record of being managed efficiently.

“We also share similar philosophies with their team in our fervent desire to serve our local communities.

“We look forward to this exciting expanded relationship, which will offer TransCapital Bank customers the benefits that come from being members of our credit union, while enhancing our ability to broaden the business line of services for our current and future members.”

Prindle said that the deal marks Power Financial’s first bank acquisition.