TAMPA, Fla. — Florida Central Credit Union plans to purchase a branch of First Federal Bank of Florida.
The $400 million CU is looking to add First Federal's office on 3451 Cattlemen Road in Sarasota, Fla.
The deal awaits approval from the state regulator and NCUA, but Florida Central hopes to take over the office by late July. First Federal must receive OCC approval.
The credit union will pay an undisclosed price for the building and a premium to acquire about $11 million in consumer deposits, according to FCCU CEO Laida Garcia.
“We like the location of their building, and the fact that it is centrally located to the some 2,000 of our members who reside or work in or around the area,” said Garcia. “In addition to serving our existing members in the area, acquiring this branch also provided an opportunity for us to bring in the existing bank customers, giving us a sounder foundation from which to launch the new branch.”
The more than 600 customers of the First Federal office will decide if they want to join the credit union or have their accounts transferred to other First Federal locations.
Garcia said the bank, a mutual institution, was easy to work with. The four employees of First Federal’s Cattlemen Road office will become credit union staff if they choose to work for the credit union. First Federal is based in Lake City, Fla.
