LAKELAND, Fla. — In its quest to build a real estate presence in central Florida, MIDFLORIDA Federal Credit Union has bought A.H. Realty.
The deal was finalized on Dec. 3. A.H. Realty will be renamed MIDFLORIDA Real Estate Sales LLC and Andy Hernandez, its principal, has been named the president of the new CUSO, which will be a wholly owned subsidiary of the $1.3 billion credit union.
"While recently there have been trying times for the real estate industry, MIDFLORIDA intends to use its financial strength, its branding power and the expertise of the newly acquired agency to build a significant real estate agency to serve central Florida," said Kevin Jones, president/CEO. "Our goal is to increase agency sales to over 500 units in the first year of operation and to continue to build sales until [the subsidiary] is one of the top providers in the market."
Recommended For You
MIDFLORIDA Real Estate Sales will continue to operate temporarily at the existing A.H. Realty sites in Lakeland and Winter Haven. By the end of 2009, the main real estate office will relocate to the area adjacent to MIDFLORIDA's Hollingsworth branch. The 8,000-square-foot site will later become the regional headquarters for the new CUSO. A total of five offices will house the real estate subsidiary by the end of next year.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
