MidFlorida Credit Union

MidFlorida Credit Union, founded in 1954, is a credit union based in Lakeland, Florida. MidFlorida has 49 locations throughout the state of Florida, 318,457 members and $3.49 billion in assets as of March 31st, 2019[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]

MidFlorida Credit Union
Credit Union
IndustryFinancial services
Founded1954 (1954)
Headquarters
Lakeland, Florida
,
United States
Number of locations
49 (Mar, 2019)
Key people
Kevin Jones (President & CEO)
AUM$3.49 billion (Mar, 2019)
Websitemidflorida.com

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

May 3rd, 2019, MidFlorida Credit Union announced two mergers, one with Ocala, Florida based bank Community Bank & Trust and another with First American Bank. MidFlorida will acquire all assets of Community Bank & Trust while only acquiring the Florida Assets for First American Bank. MidFlorida estimates, when finalized around the end of 2019, the combined entity will boast $4 billion in assets, $3.0 billion in loans, 1,100 employees and 63 full-service branches[11]. The merger with Community Bank & Trust will be the largest bank merger with a credit union in History[12].

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References
  1. "CALL Report Data". NCUA. NCUA. Retrieved July 31, 2018.
  2. "MidFlorida Credit Union Assets". Credit Unions Directory.net. Retrieved June 1, 2013.
  3. "National Credit Union Administration". National Credit Union Administration. Retrieved June 1, 2013.
  4. "Mid-Florida Credit Union to close Sebastian branch". TCPalm. Retrieved February 27, 2017.
  5. "MidFlorida FCU Flips To State Charter". Credit Union Journal. Retrieved June 1, 2013.
  6. "MidFlorida, Bay Gulf credit unions plan to merge". Tampa Bay Business Journal. Retrieved June 1, 2013.
  7. "Bay Gulf Credit Union". Credit Union Access. Retrieved June 1, 2013.
  8. "Space Coast CU Spins Off Six Branches, 16,000 Members To MidFlorida CU". Credit Union Journal. Retrieved June 1, 2013.
  9. "Indian River Credit Union to merge with MidFlorida". TCPalm. Retrieved June 18, 2013.
  10. "Two Credit Unions Agree To Merge With MidFlorida". The Ledger. Retrieved June 18, 2013.
  11. "MidFlorida Credit Union plans largest expansion in company history!". MidFlorida. Retrieved May 21, 2019.
  12. "MidFlorida credit union announces merger with Community Bank & Trust of Florida!". Villages-News. Retrieved May 21, 2019.
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