JACKSONVILLE, Fla.–Two large northeast Florida credit unions have announced plans to merge to create a credit union approaching one-million members.
The $13.6-billion VyStar Credit Union and the $656-million 121 Financial Credit Union have announced plans to combine. If approved, the deal would close later this year.
The 85-year-old 121 Financial Credit Union, originally chartered as Florida Telco CU, has more than 49,000 members, eight branches and more than 140 employees.
The credit unions said in a statement all 121 Financial employees will be offered jobs as part of the merger.
If approved, the combined credit union would have more than 920,000 members and 2,500 employees.
“This partnership brings together two trusted, financially strong, Jacksonville-based credit unions with a combined 150-year history serving Northeast Florida,” David Marovich, president and CEO of 121 Financial, said in a news release.
‘Proven History’
Brian Wolfburg, president and CEO of VyStar Credit Union, added in a statement: “121 Financial Credit Union has a proven history as a mission-oriented credit union, which aligns with our organization’s commitment to improving the places we call home. We look forward to welcoming their employees and members to VyStar and working together to build on their many contributions to Northeast Florida.”
A report by JaxToday.com noted the credit unions did not say whether 121 Financial Ballpark, home to the Jacksonville Jumbo Shrimp, would be renamed. The stadium sits across the street from VyStar Veterans Memorial Arena.
121 Financial reported $4.2-million in net income during 2022, with net worth of 9.24%.
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