TALLAHASSEE, Fla.–Two Florida credit unions have announced they intend to merge.
The $60.5-million Florida Department of Transportation Credit Union said it is seeking to combine with the $322.8-million Florida State University CU.
In disclosure forms filed with NCUA, Florida Department of Transportation CU said, “We believe the merger of the two credit unions will (a) produce a merged credit union that will possess additional economies of scale that will increase financial strength and stability, (b) offer enhanced product and service lines to all members and (c) offer additional branch locations to all members.”
Those same disclosure forms indicate the credit union does not plan to distribute any of its net worth as part of the merger and that no bonus compensation will be paid to members of its management team.
FDTCU reported negative net income of $10,266 on its most recent 5300 form. It has approximately 3,159 members.