Florida State University Credit Union has agreed to merge with Florida Department of Transportation Credit Union.
Both institutions are based in Tallahassee.
The merger has received preliminary approvals from the National Credit Union
Administration and the Florida Office of Financial Regulation. It is expected to close early next year, pending a special vote by the Florida Department of Transportation Credit Union membership.
“Combining our institutions will allow the credit union to continue our exceptional member service while expanding product and service options to FDOTCU members,” Kevin Keith, president and CEO of FDOTCU, said in a Monday press release.
The $61 million-asset FDOTCU has 3,204 members and two branches.
FSU Credit Union has nearly $323 million of assets and serves roughly 29,000 members through nine branches in Tallahassee, Crawfordville, Perry, Panama City and Pensacola.
“The partnership between FDOTCU and FSU Credit Union...keeps FSU Credit Union on our path of growth, allowing us to continue to enhance and broaden our member offerings,” said FSU Credit Union President and CEO
In 2020, Gulf Power Company Employees Credit Union of Pensacola
Florida State earned slightly more than $1 million in the second quarter, roughly five times the $199,000 it earned a year earlier, according to call report data from the NCUA.
Florida Department of Transportation Credit Union lost about $8,000 in the second quarter after losing nearly $81,000 a year earlier.
