LAKELAND, Fla. – MidFlorida CU, fresh off a conversion from federal charter, has asked state regulators for permission to expand into adjacent Hillsborough and Pasco counties.
Kevin Jones, president of the $1.4 billion credit union, said initial plans under the new state charter are to expand from the credit union’s Polk County base into adjacent areas. Of particular attraction are the auto dealers in those areas which could provide indirect borrowers as potential new members, said Jones.
“We’ve been able to do very well at picking up deposits in our small market, but we’re running out of quality deposits,” he told The Credit Union Journal.
MidFlorida, the region’s biggest credit union, has had a strong 2009, with a $11.3 million in net income (not counting an NCUSIF expense) for the first nine months of the year, up from $9.3 million for the same period last year.
