LAKE MARY, Fla. — Two education-focused credit unions in central Florida merged Thursday.
The $1.5 billion CFE Federal Credit Union combined with $36.2 million Seminole Schools FCU of Sanford, Fla.
Members of Seminole Schools approved the deal at a special meeting in February. Under merger agreement, SSFCU members will join CFE as full-fledged members with access to all of its financial products, services and branches after a computer conversion is completed later this year.
CFE operates 23 full-service branches and five high school branches.
"Anticipation is high for both our members and employees," said Paula Lindamood, chairwoman of the board of directors at Seminole Schools, in a statement. "This merger will benefit our members for years to come. Combining resources creates greater economies of scale, directly and positively affecting the experience our members will share."
Joseph A. Melbourne Jr., president and CEO of CFE added: "The two credit unions complement each other. We share the same commitment to education and financial literacy. The inclusion of our newest members will certainly strengthen CFE's potential for positive community impact."
