Lakeland, Fla.-based MIDFLORIDA Credit Union recently announced it plans to purchase Tallahassee-based Prime Meridian Holding Co. and its wholly-owned subsidiary, Prime Meridian Bank, a community bank.
Under the terms of the agreement, Prime Meridian shareholders will receive $58.50 in cash for each share owned, subject to adjustment. Prime Meridian’s branches and team members will be integrated into MIDFLORIDA’s operations. The combined company will have 66 branches, 1,578 employees, $7.2 billion in loans, and $9.5 billion in assets.
“We built a bank based on a culture of service to our clients, our team and our community,” Sammie Dixon, Prime Meridian vice chairman, president, and CEO, said. “We recognized the strength in being able to adapt to change and it is fitting we now find ourselves in a position to bring physical locations to MIDFLORIDA’s operations in the Big Bend area. The opportunities for our employees (all of whom will be retained by MIDFLORIDA), and the expanded resources available to our clients, are huge.”
MIDFLORIDA Credit Union serves nearly 500,000 members statewide with personal and business banking, mortgages, loans, investment services and financial services.
Prime Meridian Bank offers full-service banking services with a focus on commercial and mortgage lending. It operates two offices in Tallahassee, one in Crawfordville and one in Lakeland.