MIDFLORIDA to Acquire Portion of Space Coast Credit Union
MIDFLORIDA Credit Union announced an agreement to assume the Tampa Bay area branches, assets and membership of Space Coast Credit Union subject to regulatory approval and a positive membership vote. This represents only a small portion of the Space Coast branch network and is viewed as a spin-off rather than a merger.
Doug Samuels, Space Coast’s President and CEO, stated “This action is the result of our evaluation of SCCU’s ability to serve these members as they deserve. The options were to invest heavily in an expansion of the existing branch network, or to seek a partner who would make a long-term commitment to developing this area. We began considering a spin-off option, but only with a credit union like MIDFLORIDA, who shares our values, is focused on serving the Tampa market, and would take good care of the membership,” Samuels added.
The spin-off would transfer the three Pinellas and three Hillsborough facilities along with their assets, loans, and ATMs in the area, as well as any Space Coast members, in good standing, who live in Hillsborough, Pasco, Pinellas, Polk and Manatee to MIDFLORIDA following an affirmative membership vote. In addition, MIDFLORIDA plans to retain all existing staff at these locations at the time of the transition.
MIDFLORIDA Credit Union entered the Tampa Bay market earlier this year through a merger with Bay Gulf Credit Union. While MIDFLORIDA is relatively new to the Tampa area, the credit union has served west central Florida for more than 55 years and is currently the third largest credit union in the greater Tampa Bay area. Kevin Jones, President and CEO of MIDFLORIDA commented, “The integration of the Space Coast Credit Union membership is a perfect fit for MIDFLORIDA. The addition of these locations to our network will allow us to fill in the service area in the Tampa market and offer better service and convenience to the combined memberships.” The acquisition would bring MIDFLORIDA’s Pinellas/Hillsborough/Pasco membership to approximately 35,000 members and boost the area’s branch network to 14 branches.
Management of both credit unions plan to host and attend town hall meetings in early 2012 to field any questions the membership may have prior to the vote, which is expected to be finalized by March 31, 2012. A notice of these meetings will be sent to the affected Space Coast members in advance of these meeting dates. If approved, the spin-off is planned for July 1, 2012.
About Space Coast Credit Union
Space Coast Credit Union is headquartered in Melbourne, Florida, and serves over 370,000 members with assets of over $3 billion through a network of 60 branches and 143 ATMs located throughout Florida and through its web site, SCCU.com. Space Coast Credit Union is open for membership to anyone who lives or works in 19 Florida counties.
About MIDFLORIDA Credit Union
MIDFLORIDA is headquartered in Lakeland, Florida and serves over 150,000 members with assets over $1.6 billion through a network of 32 branches, 40 ATMs and through its website, midflorida.com. MIDFLORIDA credit union is open for membership to anyone who lives, works or attends school in the 12 Central Florida Counties.