LAKELAND, Fla. – In the latest development in the shake-up of the state’s largest credit unions, MidFlorida FCU has converted to a state charter, paving the way for a broader field of membership.
The $1.4 billion credit union, which scuttled a merger with Sarasota Coastal CU, currently serves the five counties of Polk, Highlands, Hardee, DeSoto and Okeechobee. The Sarasota Coastal deal would have added three more counties, Sarasota, Manatee and Charlotte. Credit union officials said they are still eyeing entry into the Sarasota market.
The credit union giant will hold a series of town hall meetings with its members to determine how it plans to expand.
The charter switch comes as two giant mergers are moving forward in Florida: of Suncoast Schools FCU and GTE FCU, to create a credit union of almost $9 billion in assets; and Space Coast CU and Eastern Financial Florida CU, creating a $3.2 billion credit union.
