Achieva Credit Union is buying another bank.
Nearly three years after its groundbreaking acquisition of Calusa Bank in Punta Gorda, Achieva struck a deal Wednesday to purchase Preferred Community Bank of Fort Myers.
Achieva, which operates nine branches in Sarasota, Manatee and Charlotte counties, will add $118 million in assets and three offices in Lee County from Preferred.
Terms of the transaction were not disclosed.
In 2015, Dunedin-based Achieva bought Calusa for $23.2 million, the first credit union in the U.S. to acquire a whole commercial bank.
Pending regulatory approvals, the new transaction is expected to close this year.
“This consolidation of complimentary services and products along with our entry into new markets makes this combination a strong strategic move for Achieva," CEO Gary Regoli said in a news release. "Along with all of those positives, our corporate cultures are greatly aligned, which is a key ingredient in any successful consolidation."
The $1.5 billion-asset Achieva already operates three branches in Lee County and said it will retain the Preferred Community offices in Fort Myers, Lehigh Acres and Cape Coral.
Preferred becomes the third Florida bank to sell to a credit union. In addition to the Achieva-Calusa deal, Lake Michigan Credit Union of Grand Rapids, Michigan, is in the process of buying Encore Bank, a $395 million-asset lender that was founded in Port Charlotte but is now headquartered in Naples.
Other banks have been sold recently to credit unions around the country. Achieva wound up creating a consulting practice to help credit unions and banks find merger candidates and guide them through the acquisition process.
Despite these marriages, commercial bankers remain irked that nonprofit credit unions are allowed to avoid paying state or federal income taxes or sales taxes. But lobbying efforts to overturn that status in Congress have failed for years.
Achieva came to Sarasota in 2010 when it took over the foundering Sarasota Coastal Credit Union. Its membership now tops 150,000 at 23 offices.