After a merger earlier this year to expand its presence in theTampa Bay market in Florida, MIDFLORIDA Credit Union said it wantsto go further after announcing its plans to assume the areabranches, assets and membership of Space Coast Credit Union.

Subject to regulatory approval, both the $1.6 billion MIDFLORIDAand the $3 billion Space Coast are calling the move a spin-offrather than a merger. If approved, the spin-off is planned to becompleted July 1, 2012.

The spin-off would transfer the three Pinellas and threeHillsborough facilities along with their assets, loans, and ATMs inthe area, as well as any Space Coast members, in good standing, wholive in Hillsborough, Pasco, Pinellas, Polk and Manatee toMIDFLORIDA following an affirmative membership vote, according toboth credit unions. In addition, MIDFLORIDA said it plans to retainall existing staff at these locations at the time of thetransition.