FiCare Federal Credit Union in Tampa has been granted a trade, industry and profession charter, or TIP charter, allowing it to expand membership eligibility to health care workers across Florida.
Before the charter expansion, membership was primarily limited to employees and volunteers of BayCare, a Florida hospital and health care network, as well as their families. The TIP charter will allow FiCare to serve consumers working in that field across the state.
The expansion caps a five-year period in which the credit union broadened its branch network through a merger with West Coast Federal Credit Union, rebranded from St. Joseph’s Hospital FCU to FiCare and underwent a core conversion.
“This is the time for FiCare FCU to make this move,” CEO Danelle Miller said in a press release. “We have never seen a greater need for health care workers, as they’ve been on the front line against this pandemic. FiCare FCU is ready and honored to serve them. We were designed to serve health care workers. Now is the time for us to take care of them.”
FiCare FCU has assets of about $54 million and serves over 6,700 members, according to the National Credit Union Administration. Call report data shows the credit union earned more than $141,000 in 2020 after posting losses of nearly $418,000 in 2019, thanks in part to a 48% reduction in charge-offs and reduced interest expenses.
