Gulf Winds Credit Union to Acquire Peoples Exchange Bank, Its Second Bank Deal in a Month

Gulf Winds Credit Union agreed to acquire Monroeville, Alabama-based Peoples Exchange Bank, the Pensacola, Florida-based lender's second whole-bank purchase in roughly a month, according to a Friday release. Financial terms were not disclosed. The deal marks the seventh proposed bank acquisition by a credit union in 2026. Peoples Exchange operates one branch with $98.6 million in assets as of June 30. The purchase will give Gulf Winds a fourth Alabama location and lift its total assets to $1.75 billion. Gulf Winds announced last month it would buy Florida's Madison County Community Bank and rebrand as TruWorth Credit Union next spring. CEO Daniel Souers called the two transactions "the first chapter of TruWorth." Final regulatory approval is expected in mid-2027, with integration by early 2028. Credit union-bank deals have slowed from a record 22 in 2024 to 16 last year and seven through the first nine months of 2026. The ICBA continues urging lawmakers to end the federal tax exemption for credit unions holding $1 billion or more in assets.