Growth with Purpose
We’ve created this page as a resource for you as Community First Credit Union and First Southern Bank proceed with the proposed merger application. Learn more about what you can expect.
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Converging Cultures and Communities
Community First will acquire substantially all of the assets and assume substantially all of the liabilities of First Southern Bank, headquartered in Waycross, Georgia.
The transaction has been unanimously approved by the boards of directors of both institutions. Following the completion of the transaction, FSBH will liquidate and dissolve and distribute its remaining assets to its stockholders. When the acquisition is completed, Community First will have approximately $3.3 billion in assets, $2.5 billion in loans, $2.9 billion in member shares and deposits and will have 31 branches throughout Georgia and Florida.
A Unified Vision
Sam Inman
Chief Executive Officer, Community First Credit Union
"This acquisition is founded on a unified vision between Community First and First Southern Bank. Both institutions emphasize a community-oriented and relationship-based approach, maintaining a culture that respects individuals and prioritizes service excellence."
Daniel S. Hager
Chairman and CEO of FSBH and First Southern Bank
"First Southern Bank customers will continue to see their trusted familiar banker at each location. The newly combined institution will have the ability to offer highly personalized financial services, which will enable us the financial capabilities to support further expansion."
FAQ
What will the combined organization be called?
The legal name of the combined organization will be Community First Credit Union of Florida. It will be commonly referred to as Community First Credit Union, or Community First, as is the case today.
How large will the combined organization be?
When approved, the organization will have more than $3.3 billion in assets, 31 branch offices across Northeast Florida, Southeast Georgia, and mid-Florida, and over 530 teammates.
Where are First Southern Bank’s branches?
First Southern Bank has seven locations - Four in Southeast Georgia in Waycross, Blackshear, Patterson, and Jesup. Three in mid-Florida in Bradenton, Sebring, and Stuart.
Why is this acquisition happening?
The organizations share a community-oriented, relationship-based approach. Combining will expand services and strengthen community impact.
What happens to First Southern Bank employees?
Community First expects to retain all First Southern Bank employees. The combined team will be approximately 530.
Is the acquisition finalized?
The organizations have signed a definitive agreement, but the transaction requires regulatory approval. This typically takes four to seven months.
What is the benefit of this to Community First and its members?
All of Community First’s members will benefit from an expanded network and access to services across Florida and South Georgia. In addition, First Southern Bank offers exceptional commercial products and services to strengthen support of businesses small and large.
Who is Community First Credit Union?
Community First is a state-chartered credit union based in Jacksonville, serving anyone who lives or works on the First Coast. Community First is among Florida’s largest credit unions, with $2.9 billion in assets, 187,000 members, 24 locations, and more than 450 teammates. It offers banking, loans, mortgages, and investments for consumers and businesses.
Who is First Southern Bank?
First Southern Bank has been a leading financial services provider for consumers and small businesses since 1907 and offers a full range of banking and lending products. Headquartered in Waycross, Georgia, the bank has seven branch locations. Hours vary per location and can be found on the website: www.fsb-bank.bank. Branch locations offer checking, savings, commercial, consumer and residential loans, ATM’s, online banking, cash management services, 24/7 telephone banking and a mobile app for banking on the go.