TAMPA, Fla.–A small Florida credit union has agreed to merge into a much larger CU in the state. The $24-million Coast 2 Coast Financial CU said it will merge into the $2-bilion Achieva Credit Union in Dunedin, pending approval by state and federal regulators. Plans call for the combination to be completed by early 2021.
Coast 2 Coast has approximately 1,900 members.
Coast 2 Coast has a single office northeast of Tampa but said its membership extends from Naples in Southwest Florida to Georgia. Nearly half of Coast 2 Coast’s membership is comprised of Teamster Union members and United Parcel Service employees in Georgia and Florida. The remaining members are part of other employer groups, residents of Hillsborough and surrounding counties and their immediate family members, the credit union said.
“The strength of Achieva’s operations and the quality of its marketing will help in gaining more members in one of the fastest-growing workforce groups in the U.S. – trucking and distribution,” Bruce Koehler, interim president and CEO of Coast 2 Coast, said in a released statement.
Achieva will add the Coast 2 Coast office in Tampa, where it does not currently have a branch presence.
“The merger creates an opportunity for us to grow our presence in the Hillsborough County market, and the distribution industry is a promising niche for us,” said Gary Regoli, Achieva’s president and CEO.
As CUToday.info has reported, Achieva has been aggressive in mergers and bank acquisitions. In 2018, Achieva acquired Preferred Community Bank in Lee County, Fla., and in 2015, it acquired Calusa Bank in Charlotte County, Fla.
Achieva has more than 165,000 members.