The troubled $220 million Sarasota Coastal CU, hit by loan losses tied to the housing recession in south Florida, may have found a new merger partner, the $650 million Achieva CU of Clearwater.
Announcement of "initial feasibility" talks leading toward a possible combination were disclosed Monday a little more than two weeks after a proposed merger with the $1.2 billion MidFlorida FCU of Lakeland came undone following a reported dispute over composition of the combined CU board.
In a statement, Gary Regoli, president/CEO of Achieva said the CU was starting a due diligence review of the planned merger this week and that the combination looks to benefit members since "our credit unions have similar values and philosophies that would make for a strong partnership."
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