Innovations Financial Credit Union, headquartered in Panama City, FL, has entered into an agreement to acquire First National Bank Northwest Florida, also located in Panama City, FL. This strategic move emphasizes Innovations’ commitment to delivering enhanced financial services to the local community.
The Innovations Board of Directors and the First National Bank Northwest Florida Board of Directors voted unanimously in favor of the merger and acquisition. The consolidated financial institutions will manage $570 Million in assets upon regulatory approval and operate eight branch locations with approximately 100 team members.
With his leadership spanning over 19 years, Mr. David Southall, President/CEO of Innovations, expresses his enthusiasm for this joint venture. Southall says, “By joining forces with First National Bank NW Florida, we can expand our branch and team member network, enhance our services, and create greater value for our members and community.” He adds, “This is an exciting step forward that will shape the future of both of our organizations in significant ways.” Upon regulatory approval, Southall will remain as President/CEO.
Mrs. Angie Barger, President & CEO of First National Bank, has served the institution for over three decades. “By combining our two local institutions’ strengths, expertise, and resources, we will continue our mission and commitment to deliver exceptional financial solutions and build upon the trusted relationships that have been our foundation. Our shared history and achievements have paved the way for this exciting merger, and I am confident that together we will create a stronger, more vibrant financial institution poised to meet our customers' evolving needs,” states Mrs. Barger.
“As we bring together our two 5-Star rated financial institutions, we are excited to embark on this journey sharing the same commitment to excellence and community,” in a joint statement by Barger & Southall.