JACKSONVILLE, Fla.–In a deal that will result in the payout of more than $900,000 to its five top execs, members of 121 Financial Credit Union have OK’d a merger with VyStar Credit Union.
The $710-million 121 Financial CU has more than 50,000 members who will now become part of the $13.4-billion VyStar, which has close to 920,000 members.
The merger will become effective on March 1, 2024, at which point 121 Financial will operate as a division of VyStar Credit Union, according to the credit unions.
“Like VyStar, 121 Financial has an extensive history of serving members throughout the First Coast. Formerly known as Florida Telco Credit Union, 121 Financial has had a tremendous impact on the places we call home,” VyStar said in a statement. “We’re thrilled to continue this 89-year legacy by delivering enhanced financial services and meaningful contributions to members and our communities with this merger.”
Payout to Management
As CUToday.info was first to report here, 121 Financial disclosed in its merger filing with NCUA that it will be paying more than $900,000 in merger-related compensation to its five top execs, plus undisclosed amounts in SERPs, as part of the deal.
There was no payout to members.
As of Sept. 30, 2023, 121 Financial had posted $1.1 million in net income with capital of 9.24%.
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