Two of the largest and politically influential credit unions, Suncoast Schools Federal Credit Union and GTE Federal Credit Union, announced today a proposal to merge.
The merger of the two Tampa-based financial institutions, which is subject to approval of the NCUA, would create a credit union with combined assets of $7.8 billion.
Suncoast Schools President/CEO Tom Dorety recently completed a term as chairman of CUNA. GTE FCU is headed by former NCUA executive Bucky Sebastian. A staffer from Suncoast Schools confirmed the announcement.
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Both credit unions have been severely hurt by the collapse of the housing market in central Florida. Suncoast Schools FCU lost $76.7 million last year and GTE FCU lost $27.5 million last year, according to call reports filed with the NCUA.
Suncoast Schools has $5.9 billion in assets and 471,441 members and GTE has $1.9 billion in assets and 203,376 members.
The credit unions did not announce what the new credit union would be called or who would be its president/CEO.
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