West Coast Federal Employees Credit Union of Sarasota, Fla., has merged with USF Federal Credit Union of Tampa, Fla., effective July 1.
As a result of the merger, which was approved by the National Credit Union Association, the financial institution will have more than $600 million in total assets and more than 62,000 members. The merger now allows USF FCU to expand, by serving members in Sarasota and Manatee Counties.
“It’s a great opportunity for two strong institutions to come together,” USF FCU’s president and CEO Richard Skaggs said in a statement. “We saw this as a way to offer services and expand our presence in Sarasota and Manatee County which we haven’t had previously.”
USF FCU has branches in Tampa, New Tampa, St. Petersburg and Brandon and about 150 employees. WCFECU currently has two branches, both in Sarasota, said Kristin Kryza of marketing and public relations at USF FCU.
The 12 current WCFECU employees will become employees of USF FCU, Skaggs said. “We look forward to assimilating WCFECU employees into USF FCU and making them a part of our family that we have here,” he added.
USF cautioned, however, that it will take a “few months” to merge the two credit unions’ computer systems and complete the transition of WCFECU’s Sarasota branches to USF FCU.
Marie Peet, currently the president of WCFECU, stated that the two institutions “share a deep commitment to our members, our staff and the communities and organizations we serve.”
Peet added that this partnership is a “perfect example” of how credit unions, working together, “can find innovative opportunities to improve the products and services for all members.”
Kryza also said Peet’s new post-merger title will be “Sarasota-Manatee Division President.”
According to call reports, WCFECU posted net income of almost $16,000 in calendar 2016, after generating a net loss of nearly $52,000 in the prior year. Meanwhile, USF FCU recorded net incomes of about $3.5 million and $2.8 million, respectively, in 2016 and 2015.
