In what would be the biggest merger ever of two credit unions, Suncoast Schools Federal Credit Union has agreed to combine with GTE Federal Credit Union.
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Both Tampa credit unions have been saddled with large losses lately, because of the mortgage meltdown.
Suncoast is Florida’s largest credit union, and merging it with GTE would create a giant with almost $8 billion in assets serving roughly 675,000 members.
Last year Suncoast lost $76.7 million and GTE lost $27.5 million, reports filed with the National Credit Union Administration showed.
Suncoast has $5.9 billion in assets and 50 branches in 15 Florida counties. GTE has $1.9 billion in assets and 35 branches, all but two in Florida.
