Big Florida Merger Moves Ahead

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TAMPA, Fla. – In one of the biggest mergers of the year, members of troubled Bay Gulf FCU approved the merger of the one-time $220 million credit union into MidFlorida CU, the state’s seventh-biggest credit union with $1.4 billion in assets.

MidFlorida officials say they expect to merge assets Oct. 1. The merging of accounts, which will allow Bay Gulf members to use MidFlorida services, will happen in early 2011.

Bay Gulf was hit hard by the state’s real estate bust, especially the deep troubles on Florida’s Gulf Coast, wracking up losses of $10 million since 2008, having its net worth decline to 5.6% and its assets all the way to $137 million.

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