SARASOTA, Fla. – Members of Sarasota Coastal CU approved the merger of the ailing one-time $240 million credit union into Achieva CU at a special meeting Monday night, creating a regional giant with more than $800 million in assets.
The two credit unions shared a similar origin, both being chartered by local teachers.
Chartered in 1953 as Sarasota County Teachers CU, Sarasota Coastal is one of a dozen credit unions that have been severally hit by the deep recession afflicting Florida’ Gulf Coast, causing it to report a $4.3 million loss last year and a $2.6 million loss for the first three quarters of 2009.
Achieva, located in nearby Clearwater, was chartered in 1937 and until recently was known as Pinellas County Teachers CU. The $670 million credit union had an operating net of almost $2.8 million for the first three quarters of the year, and net income of $1.2 million after a $1.6 million charge for the corporate credit union bailout.
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