Gulf Winds Credit Union and Peoples Exchange Bank, headquartered in Monroeville, Alabama, alongside its parent holding company, Peoples Exchange Bancshares, Inc., are pleased to jointly announce they have entered into a definitive agreement in which Gulf Winds Credit Union will acquire Peoples Exchange Bank (the proposed “Transaction”), bringing together two trusted financial institutions dedicated to strengthening the long-term financial stability of the communities they call home.  

Embracing the motto, Growing for Good, Gulf Winds Credit Union is steadily expanding, and on a mission to do more for its members and communities. This marks the credit union’s second planned acquisition—entering into a definitive agreement with Madison County Community Bank, located in Madison, Florida in August of this year—and builds on the momentum of its concurrent announcement that it will adopt a new identity and name in the Spring of 2027: TruWorth Credit Union.  

Upon completion of both proposed Transactions, the organization will serve almost 90,000 members, have an expected combined asset size of over $1.75 billion, and host a retail network of 16 branch locations. In Monroeville, Alabama, the proposed Transaction with Peoples Exchange Bank will have a positive impact on the local economy, driving growth and opportunity, and strengthening community outreach efforts that provide support to non-profit organizations across the county. 

“Growing for Good represents our ability to do more for our members, our communities, and our team” said Daniel Souers, President and Chief Executive Officer 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., Chief Executive Officer 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.” 

The proposed Transaction is contingent on approval by the Peoples Exchange Bancshares, Inc. shareholders, the receipt of all required regulatory approvals, and the fulfillment of all customary closing conditions. Final regulatory approval is expected in mid-2027, and the organizations are expected to be fully integrated by the beginning of 2028. 

Gulf Winds is being advised in the proposed Transaction by CEO Advisory Group and McQueen Financial Advisors as financial advisors and Luse Gorman, PC as legal counsel. Peoples Exchange Bank is being advised in the proposed Transaction by Olsen Palmer, LLC as financial advisor and Jones Walker LLP as legal counsel. 

Learn more at GoGulfWinds.com/StrongerTogether.