Earlier this month, the members of Mercy Credit Union of Miami voted overwhelmingly in favor of merging into JetStream Federal Credit Union. The merger creates a credit union with more than $150 million in assets, eight branch locations, and over 19,000 members throughout Miami Dade County and Puerto Rico.
The merger, which received regulatory approval in October, will become official on Dec. 31. JetStream FCU will provide former Mercy CU members with additional products and services, the credit unions said.
JetStream FCU President/CEO Jeanne Kucey will remain president/CEO of the newly combined organization, which will retain the JetStream FCU name. MCU President Joe Lanteigne will retire after 20 years of service at the Mercy helm. The MCU branch in Miami Lakes, Fla., will remain open with the same operating hours, and all employees of JFCU and MCU will continue to be employed following the merger.
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"JFCU is an outstanding organization, and we couldn't be more excited about a shared future," said Lanteigne. "This partnership brings our members many immediate benefits including access to additional branch locations and expanded product offerings. In addition, this partnership also creates a bright future for all employees."
Kucey said, "Culture is a critical component to the success of any partnership. We both share a commitment to building better lives for our members, employees and residents in the communities we serve. A combined credit union will also allow us to strengthen our commitment and provide more opportunities for the members and employees of both credit unions."
Before the merger, JetStream Federal Credit Union has $135 million in assets, serving over 17,000 members and seven branches. Mercy Credit Union serves the employees and their families of Mercy Hospital. It has one branch location, 2,000 members and $20 million in assets.
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Peter Strozniak
Credit Union Times reporter covering credit union operations, fraud, M&As, leagues, business continuity, and breaking news.
