Memberships approve mergers with MIDFLORIDA
With back-to-back membership meetings, the members of Indian River Federal Credit Union and Bay Pines Federal Credit Union both overwhelmingly voted in favor of the merger with MIDFLORIDA Credit Union. Of the votes cast, 84 percent of the Indian River votes and 87 percent of the Bay Pines votes were in support of the decision to merge with MIDFLORIDA, the fifth largest credit union in the state.
“The approval of these two mergers is a positive outcome for everyone involved – from the staff to the membership to the communities we serve. We look forward to introducing our competitive rates, affordable products and convenient services to a broader service area, spanning Florida coast to coast,” said Kevin Jones, President and CEO of MIDFLORIDA. “While branching out to the east coast of the state is uncharted territory for us, it’s an exciting opportunity that brings us one step closer to our goal of becoming a regional credit union.”
Both credit unions will begin operating as a division of MIDFLORIDA on September 1, 2012, but the conversion of accounts will take place at a later date. Until the account records are converted, members of each credit union will continue to use their respective branches for service. The Indian River conversion is tentatively scheduled for late 2012 or early 2013, while the Bay Pines conversion is slated for early 2013. After the account conversions, all members of both credit unions will have access to MIDFLORIDA’s branch network and its products and services.
MIDFLORIDA is a state-chartered financial institution headquartered in Lakeland, Fla. With the completion of the two mergers, it will serve approximately 190,000 members with assets over $1.8 billion through a network of 38 branches, more than 60 ATMs, and through its website, midflorida.com. MIDFLORIDA Credit Union is open for membership to anyone who lives, works, worships or attends school within their service area of 15 Central Florida counties.