The ailing $140 million Bay Gulf Credit Union, of Tampa announced plans to merge with the $1.1 billion MidFlorida CU of Lakeland.

Bay Gulf has been operating under the orders of state regulators to restore capital and alter its reserve debt practices since April.

In a joint statement, Bay Gulf's president, William DeMare, said the decision to merge, implemented by the CU's board in line with the state's order, "was not an easy one" but become prudent in light of the lingering economic problems impacting the Tampa market.

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