VyStar Completes Merger With Local Credit Union    

A small Jacksonville, Fla.-based credit union has merged with the behemoth $13.2 billion VyStar Credit Union, also headquartered in Jacksonville.

After receiving regulatory approval, a majority of the 1,674 members at the $11.3 million First Coast Federal Credit Union voted in favor of merging into VyStar, according to an announcement on Friday. The merger agreement will help VyStar grow its presence in northeastern Florida with nearly 850,000 members and will keep VyStar as the 13th largest credit union in the country.

VyStar President/CEO Brian Wolfburg said, “As we welcome First Coast Federal members to VyStar, we look forward to offering them a wide variety of benefits, including great rates, low or no fees, unique product offerings and access to friendly service from employees in Florida and Georgia. As part of our long-term growth plan, we will continue to look for strategic opportunities that bring additional benefits and convenience to our growing membership and communities.”

According to VyStar, credit union employees began providing First Coast with in-branch support and member services in 2022 in the credit union’s one branch in Jacksonville, as part of the acquisition process. “VyStar plans to utilize the branch to give back to local nonprofit organizations in support of its purpose to Do Good,” the statement read.

As part of the merger agreement, First Coast employees were offered employment opportunities with VyStar.

The president of First Coast’s board of directors, Marsha Hart, said, “VyStar has been a strong partner throughout the acquisition process and I know our members have a very bright future with the credit union.”

VyStar officials stated the First Coast merger is part of its long-term growth strategy and plan to open 25 new branches across Florida and Georgia in the coming years.