VyStar Credit Union headquarters in downtown Jacksonville, Fla.
Credit/Adobe Stock
On Friday, members of 121 Financial Credit Union in Jacksonville, Fla., voted to approve the merger with another Jacksonville, Fla., credit union, VyStar Credit Union. The merger will create a $14 billion credit union with nearly 100 locations throughout northern and central Florida and Georgia, and will be legally completed on March 1.
According to details of the merger, 121 Financial Credit Union ($709 million in assets, 50,012 members) will operate as a division of VyStar ($13.4 billion in assets, 915,857 members) throughout the summer months with a full system conversion expected to be completed sometime in the fall.
All 140 employees of 121 Financial have been offered positions at VyStar. However, officials said, "No decisions have been made on changes to branch locations following the merger."
In a statement posted on 121 Financial's website, the credit union's president/CEO, David Marovich, said, "We want to express our gratitude to all members of 121 Financial Credit Union, our partners, and the Jacksonville community for placing their trust and confidence in us for the last 89 years. 121 Financial Credit Union, formerly Florida Telco Credit Union, is incredibly grateful to both current and former volunteer Board members who have generously dedicated their time since the founding of 121 Financial in 1935. As we embark on this next chapter, we reflect on the impact and meaningful contributions we have had on Northeast Florida. We are excited for the future with VyStar and look forward to creating a long-lasting impact together."
Approximately 38% of 121 Financial's 50,012 members are also members of VyStar, according to 121 Financial's merger documents that were sent to members and filed with the NCUA.
According to the merger documents previously reported on by CU Times, Marovich will continue with VyStar as SVP Northeast community president for at least five years with a salary increase of $16,000 and two retention bonuses of $122,500 each at six and 12 months after the merger closes. His total compensation was $375,692 in 2021, according to the credit union's Form 990 filed with the IRS.
Other 121 Financial executives will also be retained in some capacity, according to merger documents. The executives include the following:
- COO Paul Blackstone will continue on for five years as SVP special projects with a salary increase of $95,000 and two retention bonuses of $126,250 each at six and 12 months after the merger closing. Blackstone's total compensation in 2021 was $364,671.
- CFO Cyndi Koan will continue on for three years as SVP financial special projects with two retention bonuses of $35,000 at six and 12 months after the merger closing, according to merger documents. Koan's total 2021 compensation was $285,687, according to the credit union's IRS filing.
- SVP of Lending Cathy Hufstetler will continue through the conversion at which time she plans on retiring. She will receive a year's severance of $273,000 and two retention bonuses of $28,000 at six and 12 months after the merger closing. In 2021, her total compensation was $240,208.
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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.
