Martin Federal Credit Union Plans to Merge with MIDFLORIDA
Martin Federal Credit Union announced their intent to merge with MIDFLORIDA Credit Union, subject to regulatory approval and a positive member vote.
Martin Federal Credit Union’s President/CEO, Dan Kelley, explained, “Our members, team members and community members will benefit greatly from this partnership. This merger will allow us to move forward with the plans we’ve had for years, but haven’t been able to bring to fruition, for both our membership and the communities we serve. We will be able to provide more convenient and competitive products and services than we have ever been able to in the past.”
MIDFLORIDA started in 1954 as a school-based credit union but has continued to expand to include the greater Tampa Bay area as well as the Treasure Coast of Florida. Known as the fourth largest credit union in Central Florida, MIDFLORIDA currently has 38 branches serving 11 counties. Jointly, both credit unions are committed to keeping the existing Martin branches open, maintaining all Martin staff, and look towards expansion within the greater Orlando market in the future.
MIDFLORIDA is a financially strong credit union. Once combined, the MIDFLORIDA-Martin credit union will have $2.8 billion in assets and will serve nearly 260,000 members throughout Central Florida.
Kevin Jones, President and CEO of MIDFLORIDA, shared, “We are excited about the Martin merger because it will allow us the opportunity to infill locations and connect our coast-to-coast branch network to more fully serve all of mid or central Florida.” Jones continued, “And we think that Martin members, as well as their friends and families, will enjoy our 7 to 7 extended drive-thru hours and full-service Saturday hours, as well as access to a large selection of products and services including business deposit accounts, investments and insurance.”
In the coming weeks, Martin and MIDFLORIDA will be working diligently through the merger process with state and federal regulators. Following regulatory approval, Martin members will have the opportunity to vote for the merger in February of 2017.