A Florida-based credit union has completed its second bank acquisition in under a month, setting the stage for a major rebranding effort. This marks the credit union’s seventh proposed acquisition of a bank by a credit union this year.
The addition of Peoples Exchange Bank will inject $98.6 million in assets into Gulf Winds’ portfolio, bringing its total to $1.75 billion. The credit union will expand its Alabama presence with four branches in the state and a second location in Monroeville, where the acquired bank operates a single branch. Regulatory approval is targeted for mid-2027, with integration beginning in early 2028.
Daniel Souers, Gulf Winds’ CEO, framed the acquisitions as the opening phase of its rebrand to TruWorth, scheduled for next spring. He highlighted shared values between the credit union and both acquired banks, particularly their focus on community investment and personalized service.
Harvey Gaston Jr., CEO of Peoples Exchange Bank, praised the collaboration, saying it would enable the bank to better serve its long-standing customers while preserving its community-oriented approach. The rapid pace of Gulf Winds’ expansion stands in contrast to a broader slowdown in bank-to-credit union acquisitions this year, which have dropped from 22 in 2024 to 16 last year to seven through the first nine months of 2026.
The industry remains split on the implications of these transactions. Rebeca Romero Rainey, the group’s CEO, has called for ending federal tax exemptions for credit unions exceeding $1 billion in assets, arguing this would protect smaller banks from competitive pressure.
Credit unions have countered that their tax-exempt status supports 146 million members nationwide. Scott Simpson, CEO of America’s Credit Unions, warned that altering the tax code could weaken credit unions’ ability to assist consumers and local communities.
