Florida Credit Unions Agree to Merger Proposal
Florida Department of Transportation CU members will vote in December on whether to consolidate with Florida State University CU.
Two Tallahassee, Fla.-based credit unions said Monday they have agreed to merge, pending a December membership vote.
The board of directors for the $60.5 million Florida Department of Transportation Credit Union recently voted to consolidate with the $322 million Florida State University Credit Union, which has received preliminary approvals from the NCUA and the state’s office of financial regulation.
FDOTCU members are scheduled to vote on whether to approve the merger proposal during a Dec. 17 special meeting.
FDOTCU’s board said the proposed merger is in the best interests of members because it will increase financial strength and stability for both credit unions, offer enhanced product and services, and additional branch locations to all members.
Post merger plans call for FDOTCU President/CEO Kevin Keith to serve the combined credit union as an SVP. What’s more, members of FSU CU and FDOTCU team will conduct market research to finalize the brand name. In the interim, the former Florida DOT Credit Union will be called Florida DOT Credit Union, a division of Florida State University Credit Union.
“The partnership between FDOTCU and FSU Credit Union will not only provide new products and services to FDOTCU members but also keeps FSU Credit Union on our path of growth, allowing us to continue to enhance and broaden our member offerings,” FSU CU President/CEO Chuck Adcock said in a prepared statement. FSU CU’s 94 employees operate nine branches that serve more than 28,000 members.
In October 2019, the $47.5 million Gulf Power Company Employees Credit Union in Pensacola, Fla., agreed to merge with FSU CU. Because of delays caused by the pandemic, however, the consolidation wasn’t officially completed until Oct. 1, 2020, which expanded FSU CU’s branch footprint to Pensacola and Panama City.
FDOTCU’s 16 employees operate two branches in Tallahassee and Lake City that serve 3,200 members.
FDOTCU was originally chartered as Florida State Road Department Credit Union in July 1959 when it served just seven members and had one part-time employee.
If the proposed consolidation is approved by members, the merger is expected to be completed by Jan. 1, 2022.