First National Bank Northwest Florida Acquisition

Panama City, FL (August 29, 2023) – Innovations Financial Credit Union, headquartered in Panama City, FL, has entered into an agreement to acquire First National Bank Northwest Florida, also located in Panama City, FL. This strategic move emphasizes Innovations’ commitment to delivering enhanced financial services to the local community.

The Innovations Board of Directors and the First National Bank Northwest Florida Board of Directors voted unanimously in favor of the merger and acquisition. The consolidated financial institutions will manage $570 Million in assets upon regulatory approval and operate eight branch locations with approximately 100 team members.

With his leadership spanning over 19 years, Mr. David Southall, President/CEO of Innovations, expresses his enthusiasm for this joint venture. Southall says, “By joining forces with First National Bank NW Florida, we can expand our branch and team member network, enhance our services, and create greater value for our members and community.” He adds, “This is an exciting step forward that will shape the future of both of our organizations in significant ways.” Upon regulatory approval, Southall will remain as President/CEO.

Mrs. Angie Barger, President & CEO of First National Bank, has served the institution for over three decades. “By combining our two local institutions’ strengths, expertise, and resources, we will continue our mission and commitment to deliver exceptional financial solutions and build upon the trusted relationships that have been our foundation. Our shared history and achievements have paved the way for this exciting merger, and I am confident that together we will create a stronger, more vibrant financial institution poised to meet our customers’ evolving needs,” states Mrs. Barger.

“As we bring together our two 5-Star rated financial institutions, we are excited to embark on this journey sharing the same commitment to excellence and community,” in a joint statement by Barger & Southall.

Innovations Financial Credit Union has served its members since 1952 by helping them to build a sound financial future. Presently, Innovations has over 23,700 members and manages assets in excess of $396 million. Innovations Financial Credit Union serves the financial needs of people who live, work, attend school, or worship in Bay, Holmes, Washington, Jackson, Calhoun, Gulf, and Walton Counties. For more information about Innovations Financial Credit Union, please contact us at 850.233.4400 or visit www.InnovationsFCU.org.

First National Bank Northwest Florida, a 5-star rated bank, opened on May 5, 1984 and is the oldest local community bank in the area. The goal of the bank has always been to provide the best possible customer service. The same banking services as a regional bank but with a local “family feel.” You will likely see the same faces year after year – most of our staff has been with us an average of 15 years. Most of our officers have on average over 25 years with the institution and whose families have been in our local community for several generations. Visit us in person or at www.fnbnwfl.com.

Benefits of Membership at Innovations FCU:

• Innovations FCU is a not-for-profit, member-owned financial cooperative with a vision to enhance the financial well-being of its members and community. At Innovations, we focus on being proud financial partners to our members and an employer of choice for our team members. Innovations FCU provides a wide variety of financial tools and solutions as well as a full suite of consumer and business accounts and services.
• Upon regulatory approval all current customers of First National Bank Northwest Florida will qualify as members of Innovations FCU as a select group under the current membership qualification guidelines. Innovations FCU will fund a $5 share (deposit) account for all First National Bank Northwest Florida loan customers who do not have a deposit account with First National Bank Northwest Florida. Existing First National Bank Northwest Florida deposit holders, regardless of balance, will automatically qualify as members of Innovations FCU without the standard $5 initial share (deposit) requirement.
• Innovations FCU has served members in Bay County since 1952 and has experienced sustained growth and stability for more than 70 years making it a pillar of Northwest Florida
• Innovations FCU currently serves more than 23,000 members and demonstrates a powerful commitment to our communities, members, and team members. Those eligible to join Innovations FCU are persons who live, work, attend school, or worship in the Florida counties of Bay, Holmes, Washington, Jackson, Calhoun, Gulf, Walton, Okaloosa, Franklin, and Liberty (the “Membership Counties”) and members of the immediate family of such persons. Those businesses that maintain an office located within any of the Membership Counties; businesses, organizations, and associations where a member of Innovations is an owner, shareholder, member, or partner; and trusts where a member of Innovations serves as settlor, trustee, or beneficiary also qualify for membership.
• With assets totaling more than $400 Million, Innovations FCU can provide expanded offerings in personal banking accounts and services. Furthermore, you will have access to 8 branch locations and a nationwide ATM network.
• Innovations FCU is committed to the communities it serves and shows that commitment through employee volunteer hours, charitable donations, and partnerships with non-profit In 2023, Innovations has supported our community with donations of more than $100,000.

What to Expect:

We are working to make the transition from First National Bank Northwest Florida to Innovations FCU as seamless as possible. Completion of the acquisition, or “closing,” is expected to take place in the third quarter of 2024, and you will start to notice the transition at that time. However, some changes to accounts and services offered will not occur until the first half of 2025, during “account conversion.” More information regarding closing and account conversion can be found below. There may be other changes as the transition continues, but we will always keep you informed prior to such changes.

Closing Process (anticipated third quarter 2024):

• After closing, all First National Bank Northwest Florida deposit and loan products will work like they do now.
• First National Bank Northwest Florida customers will be able to use ATMs fee-free at both Publix Presto and CO-OP ATM locations with their First National Bank Northwest Florida debit cards.
• All direct deposits (Social Security, payroll, etc.), automatic withdrawals or transfers, and any transactions (debit card transactions or checks) will continue to process and post to your account.
• You can continue to use your existing First National Bank Northwest Florida checks and debit cards.
• Your account statements will be delivered to you in the same format as they are currently, whether paper or electronic. Following the transaction closing, your statement(s) will be updated to reflect Innovations Financial Credit Union.
• Your existing First National Bank Northwest Florida credit card is currently issued and managed by the Independent Bankers Bank N.A. (TIB), and will continue to operate beyond closing.
• You can continue to contact your branch as you do today.
• Changes will occur later as part of the account conversion.
• After closing, deposit accounts will be insured by NCUA up to $250,000 per account category. The NCUA is a federal agency created by the United States Congress, which administers the National Credit Union Share Insurance Fund and offers similar deposit insurance to that of the FDIC. (See the NCUA and FDIC Insurance comparison chart below.)
  • Added Deposit Insurance Protection for Innovations’ Deposit To further protect member’s deposits, Innovations provides the highest combination of federal and private share savings deposit insurance available: $500,000, which includes savings accounts, checking accounts, money market accounts, and certificates of deposit. (See additional information below the NCUA and FDIC Insurance comparison chart.)
• After closing, First National Bank Northwest Florida will voluntarily terminate the insurance of its deposits by the FDIC. The FDIC will not insure any new deposits or additions to existing deposits made by you in Innovations FCU. This notice of termination of FDIC insurance is being provided pursuant to 12 CFR 307.3. Please contact Mr. Steven Dvorak, Vice President, First National Bank Northwest Florida by email at sdvorak@fnbnwfl.bank, or by phone at (850) 769-3207 if additional information is needed regarding this notice or the insured status of your account(s).
• Signage at First National Bank Northwest Florida branches will transition to Innovations FCU.
• First National Bank Northwest Florida employees will become part of the Innovations FCU team.
• First National Bank Northwest Florida customers will need to rely upon the former First National Bank Northwest Florida locations only for service of existing accounts until all accounts are integrated at account conversion, which will occur in the first half of 2025 as further discussed below. All First National Bank Northwest Florida locations will be retained as branch offices, to include existing ATMs.

Account Conversion Process (anticipated the first half of 2025):

• The account conversion is tentatively planned for the first half of 2025. You will receive important information about the account conversion at least 30 days in advance of the transition of accounts and services as well as an outline of any changes being made to your accounts with Innovations FCU, account terms and conditions, or fee schedule.
• First National Bank Northwest Florida debit cardholders will be sent new Innovations FCU debit cards. You will also receive new checks and will be provided with updated information for your direct deposit and ACH transactions. You may continue to use your existing First National Bank Northwest Florida debit cards and checks until your replacement cards and checks arrive.
• Following the account conversion, in addition to being able to make deposit and loan payments as you do today, you can also make loan payments at any Innovations FCU branch location; by mail to Innovations FCU, PO Box 15529, Panama City, FL 32406; or visit https://www.InnovationsFCU.org/ for more options.
• Following the account conversion, First National Bank Northwest Florida’s current online and mobile banking services will no longer be accessible. Innovations online and mobile banking services will be available at https://www.InnovationsFCU.org/. Directions regarding access and initial login will be sent in future communications.
• Following the account conversion, you will be able to use any branch or ATM within the network. For a full list of Innovations FCU branch locations, ATMs, and nationwide ATM locations, see the quick reference guide at the bottom of this letter or visit our hours and locations page.
• A final account statement will be sent. You will receive the account history from your last statement and through the month end prior to the account conversion.
• Following the account conversion, you will receive your first integrated Innovations FCU account statement. Your first statement will serve as a reference to verify balances, by matching it to your former First National Bank Northwest Florida statement.

NCUA and FDIC Insurance Comparison

Account Type	NCUA Insured	FDIC Insured
Single Account (one owner)	$250,000 per owner	$250,000 per owner
Joint Account (more than one owner)	$250,000 per co-owner	$250,000 per co-owner
Retirement Accounts (includes IRAs)	$250,000 per owner.  $250,000 for Keogh.  These limits are an aggregate amount for both Roth and Traditional accounts. All IRA coverage is separate and in addition to coverage for other credit union accounts.	$250,000 per owner.  $250,000 for Keogh.  These limits are an aggregate amount for both Roth and Traditional accounts. All IRA coverage is separate and in addition to coverage for other accounts.
Revocable Trust Accounts	$250,000 per owner per beneficiary up to 5 beneficiaries (includes Coverdell Education Savings accounts)	$250,000 per owner per beneficiary up to 5 beneficiaries
Corporation, Partnership, and Unincorporated Association Accounts	$250,000 per corporation, partnership, or unincorporated association	$250,000 per corporation, partnership, or unincorporated association
Government Accounts	$250,000 per official custodian	$250,000 per official custodian

Note: See NCUA’s website at www.ncua.gov and FDIC’s website at www.fdic.gov where more detailed information about share and deposit insurance can be found.
 

Innovations FCU Offers Added Deposit Protection through Excess Share Insurance Corporation (ESI)

To further protect member’s deposits, Innovations provides the highest combination of federal and private share savings deposit insurance available: $500,000, which includes savings accounts, checking accounts, money market accounts, and certificates of deposit. This exceptional level of protection will automatically be added to your Innovations FCU account at no cost to you and is made possible through Innovations’ affiliation with the Excess Share Insurance Corporation (ESI), a subsidiary of American Share Insurance, the nation’s largest private deposit insurer.

Learn more here.

Frequently Asked Questions (FAQ’s)

Innovations FCU Quick Reference Contact Guide

Innovations FCU Phone Numbers	Local: 850.233.4400 Toll-free: 800.291.6272
Innovations FCU Mailing Address	P.O. Box 15529 Panama City, FL 32406
Innovations FCU Website	https://www.InnovationsFCU.org/
Innovations FCU + First National Bank Northwest Florida Acquisition Resource Page	https://www.innovationsfcu.org/about-innovations/fnbnf-acquisition/
Innovations FCU Routing & Transit Number	263281556
Innovations Visa Debit or Credit Card – activation or change your personal identification number (PIN)	Toll-free: 800.290.7893 Outside the US: 206.467.1552

 

Branch Location	Address	Open Days	Lobby Hours	Drive-thru Hours	ATM
Thomas Drive	910 Thomas Drive – Panama City Beach, FL 32408	Mon-Fri	9:00 a.m. to 5:00 p.m.	8:00 a.m. to 5:00 p.m.	Yes
23rd Street	512 West 23rd Street – Panama City, FL 32405	Mon-Fri	9:00 a.m. to 5:00 p.m.	8:00 a.m. to 5:00 p.m.	Yes
Harrison Avenue	1038 Harrison Avenue – Panama City, FL 32401	Mon-Fri	9:00 a.m. to 5:00 p.m.	8:00 a.m. to 5:00 p.m.	Yes
Lynn Haven	2250 South Highway 77 – Lynn Haven, FL 32444	Mon-Fri	9:00 a.m. to 5:00 p.m.	8:00 a.m. to 5:00 p.m.	Yes
Callaway	123 North Tyndall Parkway – Panama City, FL 32404	Mon-Fri	9:00 a.m. to 5:00 p.m.	8:00 a.m. to 5:00 p.m.	Yes
Back Beach	17900 Panama City Beach Parkway – Panama City Beach, FL 32413	Mon-Fri	8:00 a.m. to 5:00 p.m.	None	Yes
Stand Alone ATM	22023 Panama City Beach Parkway, Panama City Beach, FL 32413	24/7
CULIANCE ATM Network	In addition to the existing Innovations ATM locations, members will now also have access to the CULIANCE ATM network, a credit union-owned system with over 80,000 surcharge-free ATMs nationwide.