Bay Pines announces Merger Plans
Bay Pines Federal Credit Union announced their intent to merge with MIDFLORIDA Credit Union, subject to regulatory approval and a positive member vote.
Bay Pines Federal Credit Union’s President, Anthony Dominick, explained, “Economic conditions have made it difficult to provide our members with the additional convenience, services and technology that they want and need. While this decision was not easy, our Board felt like the products, services, branch hours and excellent service offered by MIDFLORIDA would benefit our membership.”
While MIDFLORIDA has been serving Central Florida since 1954, the credit union only recently expanded into the Tampa Bay market, merging with Bay Gulf Credit Union in 2011 and soon finalizing the acquisition of the Tampa Bay area members and branches of Space Coast Credit Union. In addition, the regional credit union is set to add two east Hillsborough full-service branches in the coming months. The Plant City branch, at the corner of James L. Redman Parkway, is set to open on August 1, while construction continues on a new Brandon facility at the corner of Highway 60 and Buckingham Place.
MIDFLORIDA has assets of $1.63 billion, and is well-capitalized, with a 10% net worth ratio. Combined, MIDFLORIDA, Tampa Bay – Space Coast and Bay Pines will approach $1.8 billion in assets, with nearly 180,000 members. With planned mergers and acquisitions, MIDFLORIDA expects to have 36 branches serving central Florida, by the end of 2012.
Kevin Jones, President and CEO of MIDFLORIDA, shared, “We are excited about the Bay Pines merger. It seems like a natural fit. MIDFLORIDA and Bay Pines FCU both serve the Bay Pines VA complex, so MIDFLORIDA members will have access to a full-service branch on the campus. The Bay Pines members will have access to our broad branch network including a dozen existing Hillsborough/Pasco/Pinellas locations.” Jones added, “MIDFLORIDA has grown to be one of the largest credit unions to serve this area but even so, we remain focused on our members and the communities we serve; a philosophy fostered and shared by Bay Pines as well.”
In the coming weeks, Bay Pines and MIDFLORIDA will be working diligently through the merger process with State and Federal Regulators. Following regulatory approval, Bay Pines members will have the opportunity to vote for the merger in August of this year.