Gulf Winds Announces Second Bank Buy In Two Months
By CU Today Staff —
PENSACOLA, Fla.—Gulf Winds Credit Union here has agreed to acquire Peoples Exchange Bank in Monroeville, Ala., marking its second proposed bank acquisition in just two months as the credit union expands ahead of its planned rebranding as TruWorth Credit Union.
The transaction with Peoples Exchange Bancshares Inc. is subject to shareholder and regulatory approvals, with final regulatory approval expected in mid-2027 and full integration targeted for early 2028, the CU said.
Gulf Winds currently has approximately $1.4 billion in assets, before either announced bank acquisition, according to its June 30, 2026 Call Report data. Peoples Exchange Bank reported $98.6 million in assets as of June 30, according to FDIC data. Upon completion of both pending acquisitions, Gulf Winds said the combined organization is expected to have more than $1.75 billion in assets, nearly 90,000 members and 16 branches.
The deal comes one month after Gulf Winds announced plans to acquire the approximately $200-million-asset Madison County Community Bank in Madison, Fla., a transaction previously reported by CUToday.info. At the same time, Gulf Winds announced it will change its name to TruWorth Credit Union in spring 2027. That first acquisition is also expected to receive final regulatory approval in mid-2027.
“Growing for Good represents our ability to do more for our members, our communities, and our team” said Daniel Souers, president and CEO of Gulf Winds Credit Union. “We are proud to partner with Peoples Exchange Bank, who shares our belief in community investment, long-term relationships, and modern service with a human touch. By joining forces with them, as well as Madison County Community Bank, we extend our shared commitment of putting people first. This is the first chapter of TruWorth Credit Union.”
“Peoples Exchange Bank has offered our region personalized, trusted services since 1907. Gulf Winds has operated with that same principle since 1954. We are thrilled to find a like-minded financial institution that shares our values and vision for the future,” said Harvey Gaston, Jr., CEO of Peoples Exchange Bank. “Partnering with Gulf Winds lets us expand how we serve our longtime customers and deepen the impact we make in our community.”
Gulf Winds is being advised by CEO Advisory Group, McQueen Financial Advisors and Luse Gorman, while Peoples Exchange is being advised by Olsen Palmer and Jones Walker.
Originally reported by CU Today.