JACKSONVILLE, Fla.–Two Florida credit unions have announced merger plans.
The $12-billion VyStar Credit Union said it plans to merge in the $11.2-million First Coast CU, also in Jacksonville. The merger still requires a vote by members of FCCU and, if approved, is expected to be finalized in 2022.
The credit union said no one will lose their job as a result of the merger.
“As a growing credit union, VyStar continues to look for strategic partnerships that strengthen our ability to serve more members and support the places we call home …,” said VyStar President and CEO Brian Wolfburg in a statement. “[FCFCU] has a long history of exceptional service in Northeast Florida, and we look forward to honoring their legacy by welcoming their employees and members to our organization.”
First Coast, which has 1,725 members, reported a net loss of $112,730 and net worth of 10.54% at year-end. VyStar, which has approximately 806,000 members, reported net income of $107 million and net worth of 8.57% as of the same date.