A billion-dollar credit union is in the making in North Central Florida.
The $855 million Radiant Credit Union in Gainesville and the $151 million First Coast Community Credit Union in Palatka said Thursday they plan to merge by the end of the year.
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If the proposed consolidation receives approval from First Coast Community members and state and federal regulators, the combined organization would manage $1,006,915,924 in assets and more than 60,000 members throughout North Central Florida region.
"This merger represents a significant milestone in our combined mission to help more of our members achieve financial success," Radiant President/CEO Tom Barnard said in a prepared statement. "By expanding our footprint and combining our resources, we can enhance the financial well-being of our overall membership while maintaining the personalized service and community commitment that define both organizations.”
Radiant currently operates 11 locations with 180 employees serving more than 48,000 members.
"Our two credit unions share a common vision — putting our members first and fostering strong local connections," First Coast Community President/CEO Gretchen Lunsford said in a prepared statement. "This merger allows us to maintain the small-town, community-based credit union feel that our members love while benefiting from the additional resources and locations of Radiant.”
First Coast Community employs 36 staff members across three locations, serving nearly 12,000 members.
Merger applications are expected to be submitted to regulators in May.
Peter Strozniak can be reached at [email protected].
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Peter Strozniak
Credit Union Times reporter covering credit union operations, fraud, M&As, leagues, business continuity, and breaking news.
