JACKSONVILLE, Fla. – Two Florida credit unions have announced plans to merge.
The $173-million Alive Credit Union (ACU) and the $102-million City & Police Federal Credit Union (CPFCU) said they are seeking to combine.
“The combined credit union will bring extensive experience and resources together for the benefit of the collective membership,” Alive CU said in a statement. “(The credit union is) proud to continue serving the financial needs of their local community, law enforcement, healthcare, city, marketplace employees and their families.”
Alive added the merger will allow it to make a “greater impact: in its communities, including in underserved areas and with the unbanked, and will also provide for more opportunities for “innovation and expansion.”
Alive Credit Union, which has 13,749 members, reported $376,004 in mid-year net income, with capital at 12.77%. City & Police FCU, which has more than 6,600 members, reported $291,507 in net income and capital of 8.42% at mid-year.
CEO Plans to Retire
In a joint statement, ACU President/CEO Rose Gunter and CPFCU President/CEO Aaron Logue said, “It is an honor to serve our members and we look forward to continuing to deliver excellent member service through this merger. Our vision is to provide the services our members need so they can succeed financially while impacting our community in a positive way. This merger helps us fulfill our vision and secure our legacies.”
The credit unions said Logue will lead Alive Credit Union following the merger while Gunter will retire upon completion of the merger.
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