Billion-Dollar Florida Credit Unions Announce Preliminary Agreement to Merge
The combined Launch CU and Community CU of Florida would manage $2.7 billion in assets and serve more than 143,000 members.
Launch Credit Union and Community Credit Union of Florida have announced a preliminary agreement to merge by July 2025.
“The board of directors and CEOs of both credit unions are in favor of the merger and are currently in the pre-agreement phase, meaning they are working through due diligence, negotiations, and charter and bylaw review,” the credit unions said in a prepared statement. “Once an agreement has been reached, an application will be filed with the regulators. Upon receipt of regulatory approval, there will be a member vote.”
However, the specifics of the merger structure, including which credit union will merge into the other, are still under discussion.
“The primary focus is ensuring the combined credit union will best serve its members and communities,” a spokesperson said. “We will share more details as the process continues.”
The combined organization would manage $2.7 billion in assets with 482 employees who would operate 22 branches and serve more than 143,000 members throughout Brevard and Volusia counties.
If the consolidation is approved, Joe Mirachi, president/CEO of the $1.3 billion Launch in Merritt Island, Fla., would lead the combined financial institution. Laurie Cappelli, president/CEO of the $1.3 billion Community Credit Union of Florida in Rockledge, would retire and would serve in a consultant’s role as needed through system integration. She announced her plans to retire in 2023.
“This collaboration demonstrates the credit union philosophy of ‘People Helping People,’ because together our combined resources and shared commitment enable us to offer enhanced products and services to our members while maintaining the high level of personalized service our members have come to expect,” Mirachi said. “We are excited about the opportunities this merger will bring and the positive impact it will have on our communities.”
Pending all approvals, the credit union anticipates the merger’s legal effective date would be July 1, 2025, with systems integration extending through 2025 and into 2026.
“Together, we will build on our legacies of trust, integrity and exceptional service to empower our members towards financial success,” Cappelli said. “We look forward to a very bright future together.”