JACKSONVILLE, Fla. — Members of the State Employees Credit Union voted in favor of merging into First Florida Credit Union, formally creating a CU with more than $725 million in assets and 60,000 members.
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The boards of both CUs view the merger as a "proactive strategic opportunity," First Florida's chairman Richard Hood said in a statement.
Effective Aug. 1, the two CUs legally became one entity, which will operate under the First Florida Credit Union name and charter.
Both institutions said that they have committed to retaining existing employees.
The boards of both CUs have come together to form a single governing body. The leadership team of the combined institution includes senior managers from both First Florida and SECU, with Brent Lister serving as president and chief executive.
"State Employee Credit Union's interim CEO Joseph Carpenter and I were both excited about the long-term value and benefits associated with a merger of this scope," he said. "With our combined resources, we are ideally positioned to focus on innovations that will enhance the overall member experience."
Next steps
The next step for the combined organization will be to fully integrate and align operations, delivery channels, products and policies.
During the integration period, both CUs say that they will continue to offer the same products and services as they have in the past.
Members of the former SECU can already perform transactions at all 15 branches through the Shared Branching Network. By February 2015, the CUs are expected to be fully integrated, allowing all members to use any branch for any purpose.
The most immediate changes that members and staff will notice is the introduction of the First Florida logo on SECU buildings and on new printed and digital materials.
The combined CU will serve everyone who lives or works in Baker, Bradford, Broward, Clay, Duval, Flagler, Franklin, Gadsden, Hillsborough, Jefferson, Leon, Liberty, Madison, Miami-Dade, Nassau, Orange, Seminole, St. Johns, Taylor, and Wakulla counties. Employees of the state of Florida, CSX Transportation Inc. of Jacksonville, and other specified companies also are eligible for membership.
Both CUs have a lengthy presence here, with $299 million SECU chartered in 1937, and $408 million First Florida chartered in 1950.
First Florida said last year that it had $3.1 million in net income after assessments. Its net worth ratio was 13.41%.
SECU said that it had $7,666 in net income from operations, but it reported a loss of $179,746 after paying $187,412 to the National Credit Union Share Insurance Fund. SECU's net worth ratio was 20.1%.
Both are well-capitalized.
