A relatively quick merger deal in the works for an ailing faith-based Orlando credit union is opening up a statewide field of membership for the $448 million Insight CU.
“Yes, we are excited about this opportunity,” said a spokeswoman for the 53,000-member Orlando CU, which is now in the process of merging the $3 million Florida Episcopal FCU.
The small institution has only 1,400 members but retains penetration in parishes, missions and churches across the state.
Under the merger agreement, still subject to regulatory and member approval, Insight hopes to take over Florida Episcopal “within 90 days,” said the spokeswoman.
Florida Episcopal’s management “came to us a few months ago” with the merger proposal, she said.
A press statement issued Tuesday said the two CUs “are in the early stages of pursuing a merger and upon completion of due diligence, we will apply for approval from both the State of Florida and the NCUA.”
George R. Davis, president/CEO of Insight, a former Bell telephone CU which earlier this year dropped “Financial” from its name, said his credit union’s “continued growth allows us to extend our exclusive member benefits to more Floridians and their families” as it reaches out to the Episcopal community “in the dioceses of central Florida, southeast Florida, southwest Florida and Florida church members.”
Florida Episcopal, chartered in 1974 has been at 2.17% net worth and lost $130,000 in the first quarter following a smaller year-end loss.