Pensacola, Florida (September 25, 2026) – 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.
Additional Information
This press release is not a solicitation of any vote or approval of the Peoples Exchange Bancshares, Inc. shareholders and is not a substitute for the proxy statement or any other documents which Peoples Exchange Bancshares, Inc. may
send to its shareholders in connection with the proposed Transaction. In connection with the proposed Transaction, Peoples Exchange Bancshares, Inc. will provide its shareholders with a proxy statement and other relevant documents concerning the proposed Transaction. Shareholders of Peoples Exchange Bancshares, Inc. are urged to read the proxy statement and other relevant documents, and any amendments or supplements to those documents, because they will contain important information which should be considered before making any decision regarding the proposed
Transaction.
About Gulf Winds Credit Union:
At Gulf Winds Credit Union, we believe financial success is the foundation for stronger communities. Since 1954, we’ve helped members move forward with confidence—providing innovative solutions, certified financial coaching, and a
deep commitment to the people and communities we serve. With 12 branches, more than $1.3 billion in assets, powerful digital tools, and a nationwide network of surcharge-free ATMs, Gulf Winds delivers the reach of a major financial institution with the heart of a local partner. Together, our team of 260+ employees are unlocking financial greatness serving more than 75,000 members across North Florida, Southern Alabama, and Southern Georgia. See how we’re making an impact at GoGulfWinds.com.
About Peoples Exchange Bank:
Since 1907, Peoples Exchange Bank has invested in the community with a mission to profitably deliver quality customer services that meet the financial needs of local businesses and citizens. Taking pride in being a bank built for the people
of Monroeville, Alabama, Peoples Exchange Bank offers personal service and advanced technology. Peoples Exchange Bank also has a commitment to giving back to the community. Together, employees strengthen neighborhoods by serving on boards, coaching youth sports, teaching Sunday school, and contributing to other areas of opportunity. Learn more about Peoples Exchange Bank at www.peb.bank.
Forward-Looking Statements
This press release contains forward-looking statements. Forward-looking statements are not historical or current facts, and they often include words like “believe,” “expect,” “anticipate,” “estimate,” “intend,” “plan,” “will,” or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those expected including among others, facts or events that delay or prevent the completion of the Transaction or that complicate or delay the integration of Peoples Exchange Bank’s operations into Gulf Winds’ business, legislative and regulatory changes that adversely affect Gulf Winds’ business, or Peoples Exchange Bancshares, Inc. shareholders not approving the proposed Transaction. Although we believe that the
assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove to be inaccurate. Therefore, we can give no assurance that the results contemplated in the forward-looking statements will be realized. Except as required by law, none of Gulf Winds, or People’s Exchange Bank undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, to reflect circumstances or events that occur after the date the forward-looking statements are made.
