CEO Advisory Group Serves as Lead Advisor to Gulf Winds Credit Union on Acquisition of Peoples Exchange Bank

Second bank acquisition for Gulf Winds in 2026, ahead of its rebrand as TruWorth Credit Union

LAKE TAPPS, WA (September 28, 2026) – CEO Advisory Group announced today that it served as lead financial advisor to Gulf Winds Credit Union of Pensacola, Florida, on its definitive agreement to acquire Peoples Exchange Bank of Monroeville, Alabama, and its parent holding company, Peoples Exchange Bancshares, Inc. The transaction was announced on September 25, 2026.

Peoples Exchange Bank has served Monroeville and South Alabama since 1907. Gulf Winds, founded in 1954, has more than $1.3 billion in assets and serves more than 75,000 members across North Florida, South Alabama and South Georgia. Gulf Winds already operates a branch in Monroeville, and the transaction moves the credit union from eighth to third in local market share.

This is Gulf Winds’ second bank acquisition this year. In August, the credit union announced an agreement to acquire Madison County Community Bank of Madison, Florida. CEO Advisory Group also served as lead financial advisor to Gulf Winds on that transaction. When both transactions are complete, the organization will serve almost 90,000 members, hold more than $1.75 billion in assets and operate 16 branch locations. Gulf Winds will adopt a new name, TruWorth Credit Union, in the spring of 2027.

“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 allows us to better meet the needs of our longtime base of customers while also deepening the impact we can make on our community.”

“Four years ago, Daniel Souers and his board set out a clear growth plan: partner with a community bank inside their own markets, of the right size, and build the commercial capability to serve its customers well,” said Glenn Christensen, CEO of CEO Advisory Group. “Our role was to match that plan with the right opportunities and carry each one through to a definitive agreement. Madison County Community Bank and Peoples Exchange Bank are two strong institutions that fit what Gulf Winds set out to do. It has been a pleasure working with Daniel and his leadership team, and with Harvey Gaston and the Peoples Exchange Bank board.”

Credit union acquisitions of banks remain a small share of bank M&A. According to S&P Global Market Intelligence, credit unions were the buyer in 113 of the 2,249 U.S. bank transactions announced from January 2015 through July 2026, about 5%.

The transaction is subject to approval by Peoples Exchange Bancshares, Inc. shareholders, required regulatory approvals and customary closing conditions.

Daniel Souers and Harvey Gaston discuss the partnership in “Stronger Together: Gulf Winds and Peoples Exchange Bank” (https://www.youtube.com/watch?v=oN9we-j649M). Daniel Souers also discussed the strategy behind both acquisitions with CU Times (https://www.youtube.com/watch?v=HeLqAeb2M8Q).

About CEO Advisory Group
CEO Advisory Group is the first M&A advisory firm to exclusively serve the credit union industry. For more than 25 years, the firm has advised credit union CEOs and boards nationwide on credit union mergers, bank acquisitions and growth planning. Learn more at www.ceoadvisory.com.

About Gulf Winds Credit Union
Since 1954, Gulf Winds Credit Union has helped members move forward with confidence through innovative solutions, certified financial coaching and a deep commitment to the communities it serves. With 12 branches, more than $1.3 billion in assets and a nationwide network of surcharge-free ATMs, Gulf Winds serves more than 75,000 members across North Florida, South Alabama and South Georgia. Learn more at GoGulfWinds.com.

About Peoples Exchange Bank
For over a century, Peoples Exchange Bank has invested in the community with a mission to deliver quality customer service that meets the financial needs of local businesses and citizens in Monroeville, Alabama. Learn more at www.peb.bank.