Citizens First Bank
 

Why is the Villages merging? or getting rid of all of there banks....

I guess they got an offer they could not refuse.

Because the big fishy swallows the small fishy.

Because they wanted to. The banks won't be going away, they're just being absorbed into the Seacoast brand. I'm much more curious to know why they rolled out a brand new updated Citizens First app, if they're going to cease to be Citizens First bank in a few months. Seems like that was a monumental waste of payroll.

Maybe all they got to do is just change name to seacoast?

Or the developer thought he might need a lot of cash.

Likely so they could focus on their core business. Development and building homes.

Why???..................because they are a land developer.
They develop land.
All the commercial land and commercial business are created to support land development.

Once the "businesses" are profitable and can show historical profits, time to sell.

ALL business developments are for sale. Period.
It's not their core focus.

Golf Clubs are for sale.
Commerial real estate (town squares) are for sale.
Etc., etc.

Land Development.

Hope it improves their mobile app and bank to bank transfer process.

$710,800,000. Closing the deal in the fourth quarter of 2025 if regulators approve

$$$$$$$$$$$$$$$$$$$$$$$$

For the same reason they sold The Villages Insurance and are selling The Villages Health! What do these three businesses have in common? They all deal with thousands of people and thousands of transactions every day! Thousands and thousands of Pain In The A$$es each day! Just like TOTV! The are selling to return to their Core Business - - developing residential and commercial real estate and managing commercial properties!!!

The bank served its purpose. To provide financing and mortgages for people moving to TV.
Initially they were selling manufactured homes and homes in the middle of effing nowhere. Both are usually a no go for traditional banks and mortgage companies.
Now that they are well established it’s not hard to get approval at a good rate for a purchase in TV.
My slightly educated guess is that as they lost market share in the loan department and as more folks used online banking with their old hometown bank it became less profitable. And being a small bank dealing with banking regulations can get very expensive in terms of people and time.

And their healthcare and their insurance company. I'm wondering if Eastport/Middleton was a bit more than they can handle. It's very strange.

CFB Seacoast Merger
 

The grandkids need more $$$$:bigbow:

Citizen's First sale
 

Perfect timing and a very attractive price. CFB is the perfect footprint for Seacoast expansion - fills in between Eustis and Ocala. Plus, the CFB footprint will continue to grow as home building continues, south of Central Parkway.

Re: Their insurance agency, as I understand it, the agency was actually sold about 4 years ago and is just now going through a name change.

When the Developer stops building homes, they will be left with, and this is a guess, 15m sq ft of commercial property. The championship courses will be sold off (Troon, Arcis or KemperSports?) and everything else will be owned and controlled by the residents through the quasi-governmental entities.

And that is known because posters on TOTV are the bankers, accountants and lawyers for "the family"?? Uh-huh. :bigbow:

And another - They sold The Villages Hospital a number of years ago to UF Health. It is much better managed now than it was then.

Imagine the cost of changing the names of banks that's passed on to the customer.

I hope that nothing BIGGER is in the pipeline…I can’t even say it…ya know? Yikes!

My guess is that the new look for the online banking is more in line with the new bank,so they want the customers to be acclimated before the change. Or maybe this was already in the works before the sale.

That app isnt exclusive to Citizens. Black Hill FCU in SD has the same app. Third party purchase and supported.

I was there in December and surprised how good and thorough the care was. It was heart related and that could have made the care better than it might have been.

The acquisition of Citizen First Bank by Seacoast does beg the question: if you are the new bank owner why would you keep so many ATMs at every postal station? Will be interesting to watch this change...they've got $4.1 billion in assets. Maybe more cash for Morse development all the way to Orlando....

Mergers are far more complicated than changing signs. Systems (mapping, conversion testing) branding, vendor contracts, training, customer communications, etc. The list is lengthy.

Seacoast Bank (the acquirer} absorbs that cost.

Presumably the acquiring bank has estimated all the costs in making the merger. If not they might have some very unhappy stockholders