MidFlorida Credit Union has entered into an agreement to acquire Prime Meridian and its banking subsidiary, Prime Meridian Bank, in a deal that will extend its operations into northern Florida.
Under the agreement, Prime Meridian shareholders will receive $58.5 per share in cash, subject to adjustment in accordance with the terms outlined in the merger contract.
The boards of directors of both MidFlorida and Prime Meridian unanimously approved the merger.
Prime Meridian vice chairman, president, and CEO Sammie Dixon said: “We built a bank based on a culture of service to our clients, our team and our community.
“We recognised 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.”
For MidFlorida, the deal marks its third bank acquisition in five years and will bring its total assets to $9.5bn and loan portfolio to $7.2bn.
Once finalised, the combined organisation will operate 66 branches and employ 1,578 staff across Florida.
Prime Meridian Bank provides full-service banking with a concentration on commercial and mortgage lending.
It maintains four branch locations, including two in Tallahassee, and one each in Crawfordville and Lakeland. These will become part of MidFlorida’s network following the completion of the deal.
MidFlorida operates as a member-owned financial cooperative, offering a full spectrum of banking services including personal accounts, loans, business solutions, and investment services to nearly 500,000 members statewide.
The merger is expected to enhance local service delivery and extend the credit union’s physical reach in Florida’s panhandle.
MidFlorida president and CEO Steve Moseley said: “As Florida’s community credit union we are already serving the panhandle in a lending capacity with mortgage, auto and commercial business loans. This acquisition will provide branches in the market to fuel additional growth in both consumer and business banking.”
Post-closing, Prime Meridian’s operations will be integrated into MidFlorida’s platform, enabling customers to access a broader suite of financial services and digital banking solutions backed by a larger institution.
Smith Mackinnon, PA is acting as legal counsel to MidFlorida, while DD&F Consulting Group is serving as its financial adviser. Prime Meridian Bank is receiving legal advice from Igler and Pearlman and financial guidance from Hovde Group.
The transaction, pending shareholder and regulatory approvals, is expected to close in 2026.
