SARASOTA, Fla. – Sarasota Coastal CU, which broke off its engagement with MidFlorida FCU just last week, said yesterday it plans a marriage now with Achieva CU.
The nuptials are the latest among troubled Florida credit unions looking to hitch up; with Suncoast Schools FCU planning a merger with GTE FCU and Space Coast CU bidding to combine with Eastern Florida Financial CU.
Sarasota Coastal CU, which walked away from the MidFlorida marriage after it was refused two seats on the new credit union’s board, has seen its losses mount over the last 18 months, to $2.7 million for 2008, and $3.1 million for the first quarter of 2009 ($1.2 million of it due to the corporate bailout charge).
Achieva has also been hit hard by Florida’s recession, and reported losses of $2.9 million for 2008 and $3.1 million for the first quarter ($2.3 million was related to the corporate bailout charge).
The merger would create a credit union of $800 million and almost 100,000 members up and down Florida’s Gulf Coast.
