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Florida CEO Hits NCUA Assessment as Merger Spur

The president/CEO of a struggling Florida credit union, now shopping for a second merger partner after one with MidFlorida FCU fell apart, is forecasting a sharp rise in small CU mergers in his state and elsewhere resulting from the NCUA assessment.

By Jim Rubenstein | Updated on April 29, 2009

The president/CEO of a struggling Florida credit union, now shopping for a second merger partner after one with the $1.2 billion MidFlorida FCU fell apart last week, is forecasting a sharp rise in small CU mergers in his state and elsewhere resulting from the NCUA assessment.

“I told our board the assessment was a death knell for us as a surviving credit union and that we needed to find a suitable merger partner,” said Tom Randle, the head of the $220 million Sarasota Coastal CU, which at 5.1% capital lost $2.66 million in 2008 and $3.1 million in the first quarter including the NCUSIF expense.

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