TALLAHASSEE, Fla.–Members of FLAG Credit Union have approved a merger with Bay Credit Union. Effective April 1, 2022, FLAG will be known as FLAG Credit Union, a division of Bay Credit Union.
“The financial industry has been evolving at an accelerated pace for decades,” said Mike Akers, CEO of Bay Credit Union. “But with friendly alliances like this merger, we can maintain our culture, as well as enhance the overall strength of both institutions.”
In announcing the combination, Bay CU said FLAG CU members will now have access to four additional branch locations as well as expanded mortgage options, including first-time home buyer, mobile home, USDA, FDA, and VA loans, in addition to expanded phone service hours and no credit check loan programs.
As CUToday.info reported earlier,Flag CU has $58.2-million in assets, while Panama City, Fla.-based Bay Credit Union has $117.4-million in assets. Through Sept. 30, FLAG CU reported $994,510 in net income with capital of 9.80%. Although double the asset size of FLAG CU, Bay CU reported half the net income at $449,691, with capital of 9.73%.
“As one entity, we will be better positioned to introduce additional technology and enhanced services for all members,” said Akers. “We are very excited to welcome the FLAG employees, elected board members, and the entire membership to the Bay Credit Union family.”
FLAG Credit Union was chartered in 1960 to serve the employees of the Florida Department of Agriculture