MIDFLORIDA Receives Regulatory Approval for Two Mergers
Indian River FCU and Bay Pines FCU will move forward with a membership vote in late August as the final step of their merger with MIDFLORIDA.
On the heels of the successful completion of the spin-off of Space Coast Credit Union’s Tampa Bay assets to MIDFLORIDA, MIDFLORIDA has announced that federal and state regulators have given swift approval to move forward with two other mergers – Indian River Federal Credit Union and Bay Pines Federal Credit Union.
Both credit unions cited similar reasons for the decision to merge. Economic conditions and continuing changes in federal regulations were at the forefront, but also an interest on behalf of both credit unions to offer enhanced products and services and additional member convenience that would come as part of a credit union with a larger branch network and extended hours of operation.
As for selecting MIDFLORIDA as a merger partner, William Garrett, President and CEO of Indian River Federal Credit Union stated, “MIDFLORIDA’s approach to improving each member’s financial well-being coupled with the ability to provide access to branches across the state and new services such as mobile banking, bill pay and 7 a.m. to 7 p.m. extended drive-thru hours, made them an ideal merger candidate.” The sentiment was shared by Anthony Dominick of Bay Pines Federal Credit Union as well.
If approved by the memberships, MIDFLORIDA would add three new full-service locations (Vero Beach, Sebastian and Bay Pines) and its Central Florida service area would span from coast to coast. “We are thrilled at the expansion opportunity available to us through these mergers. With Bay Pines, our presence would increase to over 50,000 members and 12 locations in the greater Tampa Bay area. Adding Indian River will allow us to introduce the MIDFLORIDA brand of banking to the east coast – a completely new market for us,” stated Kevin Jones, President and CEO of MIDFLORIDA.
MIDFLORIDA is also excited to announce the opening of its Plant City branch. The new Plant City office opened today at 2903 James L. Redman Parkway. Including this branch, the new Brandon office scheduled to open on September 30, and the three offices gained through the above mergers, MIDFLORIDA will soon have 38 offices in Central Florida, serving nearly 190,000 members with over $1.8 billion in assets.
The final step for each credit union will be a member vote. Ballots will mail in early August to all members in good standing from each credit union. Members will be able to cast their vote by mail or at a Special Meeting of the Membership. Both meetings are slated to take place during the fourth week of August.