VyStar Credit Union headquarters in downtown Jacksonville, Fla. (Source: Adobe Stock)
Two Jacksonville, Fla.-based credit unions announced an intention to merge on Thursday. If approved, the merger combining VyStar Credit Union and 121 Financial Credit Union would create a $14.2 billion credit union with more than 920,000 members that would push it close to the top 10 credit unions in asset size in the country.
VyStar, with an asset size of $13.6 billion and 866,032 members, currently sits as the 13th-largest credit union in the country. According to NCUA data, 121 Financial has $656 million in assets and 49,039 members.
In a written statement, VyStar President/CEO Brian Wolfburg said, "121 Financial Credit Union has a proven history as a mission-oriented credit union, which aligns with our organization's commitment to improving the places we call home. We look forward to welcoming their employees and members to VyStar and working together to build on their many contributions to Northeast Florida."
121 Financial Credit Union President/CEO David Marovich said, "We have proudly served Northeast Florida for generations, and we are confident that our partnership with VyStar will strengthen these efforts. Our combined partnership will expand access to best-in-class products and services to members, offer enhanced benefits and new opportunities to our employees and amplify our collective impact within the community."
According to Thursday's joint statement, 121 Financial's eight branches and 140 employees will "all be invited to join Vystar."
Officials said they expect the merger to close later this year pending member and regulatory approval, as well as agreements on standard closing conditions.
Earlier this year, the $11.3 million First Coast Federal Credit Union, also headquartered in Jacksonville, merged with VyStar. As with the merger announcement with 121 Financial, First Coast employees were offered employment opportunities with VyStar.
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
