Members Approve New Charter, New Name for Florida Credit Union
SunState FCU announces a change from a federal to state charter taking effect in the new year.
Members of SunState Federal Credit Union voted to change the credit union from a federal- to a state-chartered credit union.
According to an announcement on Friday, the Gainesville, Fla.-based credit union ($570 million in assets and nearly 40,000 members) will serve the North Central Florida region as a state-chartered credit union on Jan. 4, 2021. The credit union announced it will change its name to Radiant Credit Union.
Cynthia Brochu, SunState/Radiant Board Chairman, said, “The new charter and name encompasses our mission and purpose, while communicating the fact that all are welcome to join the credit union. As Radiant Credit Union, we will continue our legacy of serving North Central Florida by enriching the lives of our members.”
SunState has been around for more than 60 years and has gone through charter conversions before. According to a press release, SunState, which began as Florida USDA Federal Credit Union in 1957, switched from an occupational-based federal charter to a community-based charter in 1999.
In a statement from the credit union, “The new state charter gives the credit union greater flexibility to expand service beyond the current markets served today, while positioning Radiant to realize greater efficiencies and economies of scale. These benefits will allow Radiant Credit Union to continue offering competitive rates on savings and loans, while continually improving technology and service offerings.”
Tom Barnard, president/CEO said, “Radiant, as a name, is all about our membership and the areas we serve.” He added, “Becoming Radiant Credit Union is only the start of our transformation, as we have already begun refreshing branches, improving our website, introducing new technology, services and more. This all reflects our ongoing commitment to meet the changing needs of our membership and our communities.”
This is the second conversion to a state-chartered credit union announced in the past month. In November, the NCUA approved Tri Valley Service Federal Credit Union’s change to a community charter.
Tri Valley Service, headquartered in Pittsburgh ($16 million in assets and nearly 4,000 members), said at the time that its charter change would significantly increase the credit union’s ability to serve a growing number of people, “specifically the people who are unbanked or underbanked.”