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Gulf Winds Credit Union has agreed to acquire Alabama’s Peoples Exchange Bank, its second proposed whole-bank purchase in roughly a month. The deal would expand Gulf Winds to $1.75 billion in assets; financial terms were not disclosed, and regulatory approval is expected in mid-2027.
Gulf Winds Credit Union has agreed to buy Peoples Exchange Bank of Monroeville, Alabama, the Pensacola-based credit union’s second proposed whole-bank acquisition in roughly a month. The transaction would expand Gulf Winds’ footprint and bring its assets to a reported $1.75 billion, but the companies did not disclose the purchase price and the deal still needs regulatory approval.
Gulf Winds announced the agreement in a Friday release, according to Banking Dive’s Sept. 29 report. Peoples Exchange has one branch and reported $98.6 million in assets in a call report dated June 30. The acquisition would give Gulf Winds a second location in Monroeville and a fourth location in Alabama, the credit union said.
The proposed purchase follows Gulf Winds’ agreement last month to acquire Madison County Community Bank in Florida. Gulf Winds said it expects final regulatory approval for the Peoples Exchange transaction in mid-2027, and plans to integrate both banks with the credit union by the beginning of 2028.
Gulf Winds has also said it plans to rebrand as TruWorth Credit Union next spring. CEO Daniel Souers described the two acquisitions as “the first chapter of TruWorth.” The companies have not announced financial terms for the Peoples Exchange deal.
Two Bank Deals Expand Gulf Winds
The agreements would give Gulf Winds a larger presence across the Florida-Alabama region and add bank customers, branches and assets as it prepares for a new name. If both transactions close as planned, Gulf Winds expects to combine the two banks with its credit union operations by early 2028. The stated $1.75 billion asset total reflects the planned expansion, though the source does not specify the exact calculation date or breakdown across the institutions.
The transaction also adds to a broader debate over credit unions buying community banks. Banking Dive reported seven proposed credit union acquisitions of banks through the first nine months of 2026. That is below the 16 announced in 2025 and the record 22 in 2024, according to the report. These figures describe announced deals, not completed acquisitions.
Banking groups have raised concerns about how a community changes after a credit union acquires a local bank, while credit union representatives argue that their tax status supports services to members and communities. Those competing positions provide industry context; they do not establish what effects this particular acquisition will have on borrowers or other local financial institutions.
TruWorth Plans Began in Florida
Gulf Winds is based in Pensacola, Florida. Last month it announced an agreement to buy Florida’s Madison County Community Bank and said it would rebrand as TruWorth Credit Union the following spring. The Peoples Exchange announcement extends that acquisition plan into Alabama before the rebrand.
Peoples Exchange is based in Monroeville, Alabama, and has one branch, according to the call report cited by Banking Dive. Gulf Winds said the purchase would add a second location in the city and make four locations in Alabama. The news report described the Peoples Exchange agreement as the seventh proposed bank acquisition by a credit union announced in 2026 to that point.
In the wider industry debate, Rebeca Romero Rainey, CEO of the Independent Community Bankers of America, told Banking Dive the group has sought to document what it sees as effects on communities after acquisitions, including mortgage denial rates. The ICBA has urged lawmakers to end the federal tax exemption for credit unions with at least $1 billion in assets. America’s Credit Unions CEO Scott Simpson has argued that changes to the tax code could negatively affect credit unions’ work with consumers and communities; the organization says the exemption benefits 146 million U.S. credit union members.
““the first chapter of TruWorth””
— Daniel Souers, Gulf Winds Credit Union CEO
Approval and Deal Terms Pending
The purchase price and other financial terms have not been disclosed. The deal remains subject to regulatory approval, which Gulf Winds expects in mid-2027; the announcement does not say which regulators will review it or detail the approval process.
The parties have not provided further specifics on how Peoples Exchange’s customers, accounts, products or staff would be handled during integration. Gulf Winds has said it expects both acquired banks to be integrated with the credit union by early 2028, but the source does not give a detailed schedule or describe how services may change for customers.
Industry groups disagree about the effects of credit union-bank acquisitions and the policy implications of credit unions’ tax exemption. The available reporting does not establish the likely local effects of the Peoples Exchange transaction or resolve those broader disputes.
Regulators Review the Agreement
The next major milestone is the regulatory review. Gulf Winds expects final approval in mid-2027. If the transaction and the Madison County Community Bank acquisition proceed, the credit union has said it plans to integrate both banks by the beginning of 2028. The credit union’s planned TruWorth rebrand is scheduled for next spring, according to its earlier announcement.
Further information to watch for includes any disclosed transaction terms, regulatory decisions and details from Gulf Winds about integration and customer services. The announcement does not confirm a closing date for Peoples Exchange beyond the credit union’s approval outlook and expected integration timeline.
Key Questions
Which bank has Gulf Winds Credit Union agreed to buy?
Gulf Winds has agreed to buy Peoples Exchange Bank, based in Monroeville, Alabama.
Is this Gulf Winds’ second bank acquisition?
It is the credit union’s second proposed whole-bank purchase in roughly a month. Last month, Gulf Winds announced an agreement to buy Florida’s Madison County Community Bank.
How much is the Peoples Exchange deal worth?
The companies have not disclosed financial terms, so the purchase price is unknown.
When could the Peoples Exchange deal receive approval?
Gulf Winds expects final regulatory approval in mid-2027. The credit union has said it expects to integrate Peoples Exchange and Madison County Community Bank by early 2028.
How large is Peoples Exchange Bank?
Peoples Exchange reported $98.6 million in assets and one branch in a call report dated June 30, according to Banking Dive.
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