PEMBROKE PINES, Fla., March 27, 2019 /PRNewswire/ -- Power Financial Credit Union has signed a definitive agreement to purchase Florida-based TransCapital Bank. The combined entity will include approximately $860 million in total assets with sixteen ATM's and nine South Florida locations.
Established in 1999, TransCapital Bank has branches in Sunrise, Hallandale Beach and Delray Beach, which will operate as branches of Power Financial Credit Union after the sale is finalized later this year.
According to Power Financial Credit Union CEO Allan Prindle, this is the first purchase of a bank for the company and an extensive due diligence was conducted before pursuing the definitive agreement.
"We didn't enter into this transaction lightly. TransCapital Bank is the 10th largest bank in the region in terms of asset size, is highly ranked by its return on average assets, and has demonstrated an impressive track record of being managed efficiently," Prindle said. "We also share similar philosophies with their team in our fervent desire to serve our local communities. We look forward to this exciting expanded relationship, which will offer TransCapital Bank customers the benefits that come from being members of our credit union, while enhancing our ability to broaden the business line of services for our current and future members."
"We are excited to join the Power Financial Credit Union team," said William E. Himes, President, CEO and Director of TransCapital Bank. "We believe this partnership will significantly benefit our customers and communities we serve."
The transaction is expected to close during the third quarter of 2019, subject to customary closing conditions and shareholder and regulatory approvals.
Power Financial Credit Union was advised in this transaction by Igler Pearlman P.A., as legal counsel, and Skyway Capital Markets, LLC, as financial advisor. TransCapital Bank was advised by Smith Mackinnon, as legal counsel, and the Hovde Group, as financial advisor.
About Power Financial Credit Union
Power Financial Credit Union is a community-based, member-owned financial institution that has been providing high-quality, family-based financial services to the South Florida community for more than 65 years. Power Financial Credit Union, which has been awarded a 5-Star Rating from BauerFinancial, Inc., the nation's top bank rating service, was named "2018 Nonprofit/Institutional Business Award" by South Florida Business Journal, "Top Workplace" by South Florida'sSun Sentinel newspaper in 2017 and 2016, and, for a fifth consecutive year in 2018, one of Credit Union Journal's "Best Credit Unions to Work For." Power Financial Credit Union also was recognized in 2016 for its Leadership and Service by South Florida Business Journal and ranked as Florida's Top Performing Credit Union by S&P Global Market Intelligence.
Power Financial Credit Union serves more than 32,000 members with combined total assets approaching $660 million with six branches and sixteen ATM's. The institution offers all the advanced products, services and tools of large banks, but with a unique, personalized, family friendly, community-centered focus. It also provides extensive electronic services to members, with 90% of all transactions conducted outside its branches. Additional information is available at www.powerfi.org or by calling 800.548.5465.
About TransCapital Bank
TransCapital Bank, a privately held state chartered commercial bank headquartered in Sunrise. TransCapital Bank was established in 1999 and as of December of 2018, it had grown to 22 employees with three locations. It is the 10th largest bank in the Florida Gold Coast, is highly ranked by its return on average assets and has an impressive track record of being managed efficiently. Additional information is available at www.transcapitalbank.org or by calling 954-452-3505.