Florida Credit Union Competitors Announce $700M Merger
The $299 million State Employees Credit Union has agreed to merge with its competitor $408 million First Florida Credit Union. If approved by members and regulators, the combined institution would rank among the state’s top 20 cooperatives in the Sunshine State, with more than $700 million in assets, 15 branches and nearly 60,000 members.
While the Jacksonville, Fla.-based credit unions in a prepared statement said both institutions are financially healthy, SECU has had financial challenges over the past five years, according to a review of its NCUA financial performance reports.
Nonetheless, Paul E. Numbers Jr., SECU’s president/CEO, told CU Times his credit union is in “good, solid shape,” financially.