First Florida CU, Seaboard CU Talk Merger
JACKSONVILLE, Fla. -- First Florida Credit Union and Seaboard Credit Union are in merger talks.
If approved, the merger will become effective during the first quarter of 2007 creating the fourth largest credit union in the Jacksonville area with more than $330 million in assets and over 45,000 members.
The continuing credit union will be First Florida with Seaboard operating as Seaboard CU, a Division of First Florida Credit Union. The boards of directors will be merged with no loss of representation from either organization.
"Through this partnership, we'll have access to resources that enable us to provide a broader range of products and 'best-of-market' rates," said Seaboard CEO Brent Lister who will take the helm as CEO of the merged credit union. "Also, members of both organizations have asked for additional convenience in the form of more branch locations. Currently, Seaboard has three branches and First Florida has six. Once the merger is completed, the members will have access to nine full service branches."
None of the over 100 Seaboard and First Florida employees will lose their jobs. As the combined credit union expands its operations, new positions are expected to be added providing employees with career advancement opportunities.
The focus of this merger is a win for our members, a win for our employees, and a win for the organization. We have named this initiative SOAR, which stands for Service First, Organizational Excellence, Astounding Employee Opportunity, and Retention of Members and Employees. Project SOAR is a partnership of strengths and shared focus that will provide added value to our members, as well as to all of our employees," said First Florida Interim CEO Linda Jones.
Once State approval is received Seaboard CU members will have the opportunity to vote on the merger at a special meeting.