Pensacola, Fla.-based Gulf Winds Credit Union is purchasing Peoples Exchange Bank, headquartered in Monroeville, Alabama.
The proposed transaction is contingent on the approval of Peoples Exchange shareholders, as well as all regulatory approvals and fulfillment of all customary closing conditions. Final regulatory approval is expected in mid-2027 and the banks are expected to be fully integrated by the beginning of 2028.
It is the second acquisition announced by Gulf Winds in the past two months. In August it entered into an agreement to acquire Madison County Community Bank, located in Madison, Florida.
“Growing for Good represents our ability to do more for our members, our communities, and our team,” Daniel Souers, president and CEO of Gulf Winds Credit Union, said. “We are proud to partner with Peoples Exchange Bank, who shares our belief in community investment, long-term relationships, and modern service with a human touch. By joining forces with them, as well as Madison County Community Bank, we extend our shared commitment of putting people first. This is the first chapter of TruWorth Credit Union.”
Upon completion of both proposed transactions, the organization will serve almost 90,000 members, have an expected combined asset size of over $1.75 billion, and host a retail network of 16 branch locations.
“Peoples Exchange Bank has offered our region personalized, trusted services since 1907. Gulf Winds has operated with that same principle since 1954. We are thrilled to find a like-minded financial institution that shares our values and vision for the future,” Harvey Gaston, Jr., CEO of Peoples Exchange Bank, said. “Partnering with Gulf Winds lets us expand how we serve our longtime customers and deepen the impact we make in our community.”
Following all approvals, the bank will adopt a new identity and name in the Spring of 2027 — TruWorth Credit Union.