MidFlorida Credit Union
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Type | Credit Union |
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Industry | Financial services |
Founded | 1954 |
Headquarters | , United States |
Number of locations | 60 (Dec, 2020) |
Key people | Kevin Jones (President & CEO) |
AUM | $5.12 billion (Dec, 2020) |
Website | midflorida |
MidFlorida Credit Union, founded in 1954, is a credit union based in Lakeland, Florida. MidFlorida has 60 locations throughout the state of Florida, 377,487 members and $5.12 billion in assets as of December 31, 2020,[1] making MidFlorida the fourth-largest credit union in the state of Florida.[2] MidFlorida Credit Union is regulated by the National Credit Union Administration (NCUA) as a federally insured state-chartered credit union. MidFlorida was officially chartered in 1935 and was assigned NCUA charter number 68600.[3]
History[]
MidFlorida Credit Union was founded in 1954 in Lakeland as the Polk County Teachers Credit Union,[4] and currently serves a large part of the Central Florida area. In 2002, MidFlorida expanded its community charter to include Okeechobee, Sumter and Hardee counties. MidFlorida became a state-chartered credit union in 2009, shortening the company name to MidFlorida Credit Union.[5]
Bay Gulf Merger[]
On June 15, 2010, MidFlorida and Bay Gulf Credit Union announced a merger[6] between the two credit unions, which added Bay Gulf's approximately 20,000 members and $140 million assets to MidFlorida then 130,000 members and $1.4 billion assets.[7] As a result of the merger, MidFlorida gained access to the Tampa Bay area and expanded services to all or part of 14 Florida counties.
Space Coast acquisition[]
Near the end of 2011, MidFlorida Credit Union and Space Coast Credit Union announced that MidFlorida would acquire 6 Tampa-area branches from Space Coast, based in Melbourne, Florida.[8] This acquisition added 16,000 members to MidFlorida for a total of 35,000 members and 14 branches in Hillsborough, Pasco and Pinellas counties.
Indian River Credit Union merger[]
In 2012, MidFlorida Credit Union merged with Indian River Federal Credit Union, based in Vero Beach, Florida. The merger added Indian River's 9,100 members and $55.5 million assets to MidFlorida, giving the credit union two additional branches in Vero Beach and Sebastian, Florida.[9][10] These conversions expanded MIDFLORIDA's ability to provide services across the state, from the Tampa Bay market (Hillsborough and Pinellas County) to the Treasure Coast.
Community Bank & Trust and First American Bank mergers[]
November 2019, MidFlorida Credit Union completed two mergers, one with Ocala, Florida based bank Community Bank & Trust and First American Bank. MidFlorida will acquire all assets of Community Bank & Trust while only acquiring the Florida Assets for First American Bank.
The merger with Community Bank & Trust was the largest bank merger with a credit union in History.[11]
References[]
- ^ "CALL Report Data". NCUA. NCUA. Retrieved July 31, 2018.
- ^ "MidFlorida Credit Union Assets". Credit Unions Directory.net. Retrieved June 1, 2013.
- ^ "National Credit Union Administration". National Credit Union Administration. Retrieved June 1, 2013.
- ^ "Mid-Florida Credit Union to close Sebastian branch". TCPalm. Retrieved February 27, 2017.
- ^ "MidFlorida FCU Flips To State Charter". Credit Union Journal. Retrieved June 1, 2013.
- ^ "MidFlorida, Bay Gulf credit unions plan to merge". Tampa Bay Business Journal. Retrieved June 1, 2013.
- ^ "Bay Gulf Credit Union". Credit Union Access. Retrieved June 1, 2013.
- ^ "Space Coast CU Spins Off Six Branches, 16,000 Members To MidFlorida CU". Credit Union Journal. Retrieved June 1, 2013.
- ^ "Indian River Credit Union to merge with MidFlorida". TCPalm. Retrieved June 18, 2013.
- ^ "Two Credit Unions Agree To Merge With MidFlorida". The Ledger. Retrieved June 18, 2013.
- ^ "MidFlorida credit union announces merger with Community Bank & Trust of Florida!". Villages-News. Retrieved May 21, 2019.
- Credit unions based in Florida
- Companies based in Lakeland, Florida
- Banks established in 1954
- 1954 establishments in Florida