MIDFLORIDA CU, a $2.7 billion-asset credit union based in Lakeland, Fla., is set to absorb $120 million-assed Martin FCU in Orlando.
"Our plan is to have branches within the Orlando market co-branded as MIDFLORIDA-Martin Credit Union," explained Debbie Bullock, marketing executive at Martin FCU. "Branches that MIDFLORIDA already has established within the central Florida region will remain branded with MIDFLORIDA's name."
MIDFLORIDA currently has 38 branches in Florida serving 11 counties.
The two credit unions jointly said they are committed to keeping the existing Martin branches open, maintaining all Martin staff and look towards expanding within the greater Orlando market in the future.
In the coming weeks, Martin and MIDFLORIDA will be "working diligently" through the merger process with state and federal regulators. Following regulatory approval, existing Martin members will vote for the merger in February 2017.
Upon completion of the transaction, the merged entity will have $2.8 billion in assets and serve nearly 260,000 members throughout Central Florida.
"Our members, team members and community members will benefit greatly from this partnership," Dan Kelley, Martin FCU's president and CEO, said in a statement. "This merger will allow us to move forward with the plans we've had for years, but haven't been able to bring to fruition, for both our membership and the communities we serve. We will be able to provide more convenient and competitive products and services than we have ever been able to in the past."
Kevin Jones, president and CEO of MIDFLORIDA, echoed those sentiments.
"We are excited about the Martin merger because it will allow us the opportunity to infill locations and connect our coast-to-coast branch network to more fully serve all of mid or central Florida," he said.
