Gulf Winds lines up another bank deal.
The Pensacola credit union’s planned acquisition of Peoples Exchange Bank would give it a second bank deal this year as it prepares to become TruWorth Credit Union.
Gulf Winds Credit Union is adding another bank to its expansion plans, agreeing to acquire the $99 million-asset Peoples Exchange Bank in Monroeville, Ala., in a deal that would deepen the credit union’s presence across the Gulf Coast.
The agreement marks Gulf Winds’ second planned bank acquisition this year. In August, the $1.4 billion Pensacola credit union announced a deal to acquire Madison County Community Bank in Florida. It has also announced plans to change its name to TruWorth Credit Union in spring 2027.
Gulf Winds has 74,541 members and earned $6.2 million in the first six months of 2026, compared with $6.6 million in the same period a year earlier, according to NCUA call report data. Peoples Exchange earned $482,000 in the first half of 2026, up from $263,000 a year earlier, according to FDIC data.
The Peoples Exchange transaction would add a community bank with roots in Monroeville dating to 1907. Gulf Winds, which traces its own history to 1954, operates 12 branches across North Florida, Southern Alabama and Southern Georgia.
“Growing for Good represents our ability to do more for our members, our communities, and our team,” said Daniel Souers, president and chief executive of Gulf Winds. “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.”
The two institutions said the combination would support economic activity in Monroeville while continuing community outreach, including support for nonprofit organizations across the county.
For Peoples Exchange, the transaction offers a path into a larger financial organization while preserving an emphasis on local service, according to Harvey Gaston Jr., the bank’s chief executive.
Story continued below…
FREE PAMPHLET
Bringing AI-native deep intelligence to Tyfone’s AI-first solution.
Most credit unions and community banks don’t have an AI strategy yet, and account holders aren’t waiting. They’re already comparing every digital experience, banking included, to ChatGPT. Stand still and get left behind.
Fathom is the AI layer woven throughout Tyfone’s digital banking ecosystem, combining account holder financial data, institutional knowledge, and native banking experiences into a single intelligence layer.
“Peoples Exchange Bank has offered our region personalized, trusted services since 1907,” Gaston said. “Gulf Winds has operated with that same principle since 1954.”
The deal remains subject to shareholder approval at Peoples Exchange Bancshares, the receipt of required regulatory approvals and other customary closing conditions. Final regulatory approval is expected in mid-2027, with full integration targeted for the beginning of 2028.
Taken together with the Madison County transaction, the two acquisitions are expected to give Gulf Winds and its future TruWorth identity a substantially larger footprint. The organization expects to serve nearly 90,000 members, hold more than $1.75 billion in assets and operate 16 branches once both transactions are completed.
The Madison County deal, announced in August, would add roughly $200 million in assets and two branches in Madison and Perry, Fla. Madison County Community Bank was founded in 1999 by local residents and has operated in Madison County since then.
Gulf Winds’ expansion comes during a relatively quiet year for credit union acquisitions of banks. Six such deals had been announced in 2026 before the Gulf Winds-Peoples Exchange transaction, compared with 16 in 2025 and a record 22 in 2024, according to S&P Global Market Intelligence.
The pattern makes Gulf Winds an active participant in a market that has otherwise slowed. Rather than relying on organic expansion alone, the credit union is using acquisitions to add branches, members and assets in markets where it already has a regional presence.
At just $99 million, Peoples Exchange is the smallest community bank acquired by a credit union this year and the first sub-$100 million-asset institution acquired since Land of Lincoln Credit Union bought $97 million-asset Williamsville State Bank and Trust in Illinois a year ago.
Peoples Exchange is also the second Alabama-based bank acquired by a credit union this year after Peoples Independent Bancshares Inc., the holding company for Peoples Independent Bank, agreed to sell the bank’s assets and liabilities to Alabama ONE Credit Union in February.
The Peoples Exchange deal also broadens the geography of Gulf Winds’ strategy. Monroeville sits in southwestern Alabama, while Gulf Winds already operates in Southern Alabama and nearby Florida and Georgia.
After the previous Gulf Winds-bank deal, the Independent Community Bankers of America expressed outrage and concern. “As another tax-paying community bank is set to be acquired by a tax-exempt credit union, taxpayers are now subsidizing a deal resulting in an organization with assets approaching $2 billion. The data is clear: community bank acquisitions by credit unions harm small businesses and reduce lending capacity in local communities,” said ICBA President and CEO Rebeca Romero Rainey
For Peoples Exchange, the transaction would bring a 116-year-old community bank into a larger member-owned financial cooperative. For Gulf Winds, it would add another established local franchise as the credit union prepares for a new name and a larger regional footprint.
The bank acquisition still has a long way to go before the organizations become one. But with two transactions announced in a matter of weeks, Gulf Winds has made clear that its growth strategy is no longer limited to its existing branch network.
“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.”
Daniel Souers
President and CEO
Gulf Winds Credit Union
Ken McCarthy is manager of marketing communications at Tyfone, where he monitors the credit union industry and contributes to conversations shaping its future. He previously covered credit unions and community banking for American Banker and S&P Global Market Intelligence. He holds a journalism degree from Point Park University and has more than 15 years of experience covering financial services. He is also the author of three literary fiction novels.
