JACKSONVILLE, Fla. — Members of Florida Baptist Credit Union voted 92% in favor of a merger into First Florida Credit Union, with the transaction effective June 1, the two CUs said Friday.
The two credit unions, both based here, had announced the signing of an
The two sides characterized the deal as a "partnership" that would provide the nearly 2,000 members of $23 million Florida Baptist Credit Union with access to expanded products and services thanks to the resources of one of Florida's largest and fastest-growing member-owned financial institutions. The agreement with Florida Baptist CU is $716 million First Florida CU's second merger in two years.
The Office of Financial Regulation and the National Credit Union Administration granted required state and federal approvals, the two CUs said Friday.
In March, management for both credit unions cited 2015 data from CUNA stating the number of such credit union mergers is anticipated to increase over the next few years due to greater regulatory compliance burdens from the Consumer Financial Protection Bureau, which pose greater challenges for smaller credit unions.
The two CU noted during the first quarter of 2015, there were 89 fewer credit unions nationwide — the most rapid decline since the first quarter of 2002.
Officials said the merger would provide Florida Baptist CU members with access to First Florida's statewide network of branches, as well as improved online and mobile banking services. Expanded loan products, opportunities for additional community outreach and the capacity for larger church loans also would result, they said.
The two CUs said their partnership creates an institution ranked third in Northeast Florida and among the top 18 Florida-based credit unions with more than 56,000 members and more than $740 million in assets.
The combined credit union will operate under the First Florida Credit Union name and be led by First Florida CEO Brent Lister and the First Florida board of directors. Florida Baptist Credit Union employees will be welcomed to the First Florida team.
The combined credit union will serve residents in Baker, Bradford, Broward, Clay, Duval, Flagler, Franklin, Gadsden, Hillsborough, Jefferson, Leon, Liberty, Madison, Miami-Dade, Nassau, Orange, Seminole, St. Johns, Taylor, Wakulla and Union Counties. Select employee and membership groups also will be available for membership, including state of Florida and CSX Transportation employees and their immediate families, as well as members of Florida-based Southern Baptist churches and their immediate families.
