Jacksonville, Florida, December 29, 2025
Community First Credit Union, based in Jacksonville, Florida, has announced its acquisition of First Southern Bank located in Waycross, Georgia. This significant move, valued at $331 million, extends Community First’s network by adding seven branches in Georgia, bringing its total locations to 31 across both states. The acquisition is anticipated to bolster the combined institutions’ assets to approximately $3.3 billion, enhancing their commercial offerings and increasing access to financial services for local businesses and consumers.
Jacksonville, Florida – Community First Credit Union Expands into Georgia with Acquisition of First Southern Bank
Jacksonville-based Community First Credit Union has announced its first out-of-state expansion by acquiring First Southern Bank, headquartered in Waycross, Georgia. This strategic move will add seven new branches to Community First’s network, increasing its total to 31 locations across Florida and Georgia.
The acquisition, valued at approximately $331 million, involves Community First acquiring substantially all of First Southern Bank’s assets and assuming its liabilities. Shareholders of First Southern Bank will receive about $17.14 in cash for each share of common stock. The transaction is expected to close in the second or third quarter of 2026, pending regulatory approvals and shareholder consent.
This expansion enhances Community First’s commercial and small business offerings and extends its footprint into Southeast Georgia. The combined institution will have approximately $3.3 billion in assets, $2.5 billion in loans, and $2.9 billion in member shares and deposits.
Community First Credit Union, established in 1935, is a state-chartered credit union based in Jacksonville, Florida. It serves over 187,000 members and offers a full range of financial services, including banking, loans, mortgages, and investments for both consumers and businesses.
First Southern Bank, founded in 1907, operates seven branch locations in Georgia and Florida, providing a comprehensive suite of banking and lending products to its customers.
The acquisition has received unanimous approval from the boards of directors of both institutions. Following the completion of the transaction, First Southern Bank will liquidate and dissolve, distributing its remaining assets to its stockholders.
Community First Credit Union was advised by Olden Lane Inc. as exclusive financial advisor and Honigman, LLC as legal counsel. FSBH Corp. was advised by Janney Montgomery Scott LLC as exclusive financial advisor and Alston & Bird, LLP as legal counsel.
Strategic Importance of Expansion
This acquisition reflects the determination and resilience of local financial institutions to grow in a competitive economy. Community First Credit Union’s expansion into Georgia illustrates the potential for local businesses to thrive beyond their traditional boundaries, offering enhanced services to a broader clientele. Such movements signal an optimistic outlook on entrepreneurial innovation and the benefits of healthy competition in the banking sector, which can lead to improved services and better rates for customers.
Financial Overview
The acquisition’s substantial valuation of $331 million showcases the financial strength and purchasing power of Community First Credit Union. By acquiring substantially all assets and liabilities of First Southern Bank, Community First not only strengthens its market position but also increases its asset base to approximately $3.3 billion post-acquisition. This financial robustness is vital for supporting local businesses and community banking needs in both Florida and Georgia.
Market Impact
By tapping into Southeast Georgia’s market with seven additional branches, Community First Credit Union enhances its commercial and small business offerings. This move may stimulate economic growth in the region by providing better access to financial products and services, fostering a favorable environment for small businesses to flourish. Moreover, it strengthens the integration of financial services, allowing for greater resource sharing and collaboration between branches in the two states.
Future Outlook
With the expected closing of the acquisition in 2026, Community First is poised for impactful growth. The anticipation surrounding this expansion is a reminder of how regulatory frameworks can influence business strategies. By fostering a business-friendly environment, communities can harness the potential of such expansions and their benefits, encouraging local investment and economic development.
Conclusion
Community First Credit Union’s acquisition of First Southern Bank is a noteworthy step towards expanding its influence and capabilities in the banking sector. As Jacksonville and Southeast Georgia prepare for this transition, it is essential for residents and local businesses to remain engaged and supportive of developments that drive economic growth. The continued advancement of local financial institutions not only empowers consumers but also contributes to a more vibrant community. Let us celebrate the resilience of private investment and support local initiatives that enhance our local economies.
Frequently Asked Questions (FAQ)
What is the significance of Community First Credit Union’s acquisition of First Southern Bank?
Community First Credit Union’s acquisition of First Southern Bank marks its first out-of-state expansion, adding seven new branches and increasing its total to 31 locations across Florida and Georgia.
What are the financial details of the acquisition?
The acquisition is valued at approximately $331 million, with Community First acquiring substantially all of First Southern Bank’s assets and assuming its liabilities. Shareholders of First Southern Bank will receive about $17.14 in cash for each share of common stock.
When is the acquisition expected to close?
The transaction is expected to close in the second or third quarter of 2026, pending regulatory approvals and shareholder consent.
What will be the combined financial standing of the institutions after the acquisition?
After the acquisition, the combined institution will have approximately $3.3 billion in assets, $2.5 billion in loans, and $2.9 billion in member shares and deposits.
What is the history of Community First Credit Union and First Southern Bank?
Community First Credit Union, established in 1935, is a state-chartered credit union based in Jacksonville, Florida, serving over 187,000 members. First Southern Bank, founded in 1907, operates seven branch locations in Georgia and Florida, providing a comprehensive suite of banking and lending products to its customers.
Key Features of the Acquisition
| Feature | Details |
|---|---|
| Number of New Branches | 7 |
| Total Branches Post-Acquisition | 31 |
| Assets of Combined Institution | Approximately $3.3 billion |
| Loans of Combined Institution | $2.5 billion |
| Member Shares and Deposits | $2.9 billion |
| Shareholder Cash Payment | Approximately $17.14 per share |
| Expected Closing Date | Second or third quarter of 2026 |
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