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Florida Credit Union Competitors Announce $700M Merger

NCUA financial reports contradict a release claiming both credit unions are healthy.

By Peter Strozniak | Updated on March 11, 2014

The $299 million State Employees Credit Union has agreed to merge with its competitor $408 million First Florida Credit Union. If approved by members and regulators, the combined institution would rank among the state’s top 20 cooperatives in the Sunshine State, with more than $700 million in assets, 15 branches and nearly 60,000 members.

While the Jacksonville, Fla.-based credit unions in a prepared statement said both institutions are financially healthy, SECU has had financial challenges over the past five years, according to a review of its NCUA financial performance reports.

Peter Strozniak

 

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