LAKELAND, Fla. — MidFlorida CU, which has been growing its branch network on the Gulf Coast, has agreed to acquire Indian River CU, a troubled $55 million credit union on Florida's other coast.
The deal will give the $1.7 billion credit union giant its first branches on the east coast, in Vero Beach and in Sebastian, just a month after it acquired two west coast branches with a deal for $46 million Bay Pines FCU.
MidFlorida, which is in the process of integrating the Tampa-area operations it acquired in December from Space Coast CU, entered the Tampa market in 2010 with the acquisition of troubled $210 million Bay Gulf FCU and its seven branches.
Indiana River CU has reported losses for four straight years, including a loss of $180,000 last year and a loss of $985,000 for the first six months of 2012, as its net worth ratio declined to just 5.3%.
The merger has been approved by state regulators and NCUA and will be voted by Indian River CU members in August. The credit union serves all residents of surrounding Indian River County.
MidFlorida CU operates 36 branches and serves 150,000 members throughout the state.