First Florida, Jacksonville Postal and Professional Credit Union to merge

By Frank Gargano May 12, 2022, 5:22 p.m. EDT 1 Min Read

First Florida Credit Union in Jacksonville has struck a deal to combine with the neighboring Jacksonville Postal and Professional Credit Union.

The $1.3 billion-asset FFCU said that the proposed merger with the $47 million-asset JPPCU would add more than 2,600 postal employees, attorneys and other licensed professionals to its membership pool of approximately 57,000. Members are expected to vote on the deal in September.

“The proposed merger represents two financially healthy institutions with similar philosophies coming together to build strength in one of our state’s key markets … the merger would increase products and services available to JPPCU members, while helping FFCU expand its field of membership to include postal and other professional industries,” Brent Lister, president and chief executive of FFCU, said in a press release Thursday.

Over the last 15 years, FFCU has merged with five other credit unions as part of its strategy for expansion and plans to use the current deal to further its goals of smart growth, Lister said.

Reporter, American Banker

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