[Brwne]

Originally Posted by FingerEnglish

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

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.

[golfing eagles]

Originally Posted by lorilorilori

The grandkids need more $$$$

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

[LuvtheVillages]

Originally Posted by TomPerry

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!!!

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.

[Range Rider]

Originally Posted by FingerEnglish

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

Well, all banks merge or expand....it's called 'good business'! Over 30 years ago, I had First Union Bank, and it was bought by Wachovia Bank, and Wachovia was bought by Wells Fargo. I didn't have to move anything and I still kept my same account. It's all in the name!!

[Michael G.]

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

[MollyJo]

Originally Posted by jimkerr

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

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

[rochellepfaff]

Originally Posted by OrangeBlossomBaby

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.

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.

[MSchad]

Originally Posted by OrangeBlossomBaby

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.

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

[Stu from NYC]

Originally Posted by Singerlady

Not in the ER…never going there again.

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.

[DrHitch]

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....

[Ken D.]

Originally Posted by Topspinmo

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

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

[Ken D.]

Originally Posted by Michael G.

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

Seacoast Bank (the acquirer} absorbs that cost.

[Stu from NYC]

Originally Posted by Ken D.

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