MARGATE, Fla.–We Florida Financial Credit Union said it has completed its merger with Peoples Credit Union.
The merger was approved by the members of Peoples Credit Union on July 22 and is effective as of October 1. The two credit unions will be united under the banner of We Florida Financial.
We Florida Financial reported it has seen 63% growth in assets over the past five years to more than $500 million, while membership has grown to nearly 60,000.
We Florida Financial will assume the existing six Peoples Credit Union branches located in the Florida markets of Pembroke Pines, North Miami, Miami, Hialeah and at Mount Sinai Medical Center in Miami Beach. With the acquisition We Florida Financial will now have 13 branch locations throughout Miami-Dade and Broward Counties to serve its membership, as well as eight non-branch ATM locations.
“This merger is another important milestone in the history of We Florida Financial,” said Lloyd Gill, president and CEO of We Florida Financial. “Last year, we rebranded to become We Florida Financial, a name that reflected our growth strategy and this merger reinforces our long-term vision for continued success.”
Meanwhile, in San Francisco, San Francisco Federal Credit Union is absorbing Bethel A.M.E. San Francisco Federal Credit Union via a merger. That merger is scheduled to take effect Oct. 1. Members of Bethel A.M.E.
The merger will take effect October 1, 2015 and was approved by the Bethel A.M.E. San Francisco Federal Credit Union membership on August 2, 2015.
“We are honored to welcome Bethel A.M.E. San Francisco Federal Credit Union members as part of the San Francisco Federal Credit Union family,” said Steven Stapp, CEO/President of San Francisco FCU.
In Anaheim Hills, Calif., Credit Union of Southern California has competed its merger with Newport Beach City Employees CU. The combined CU now has $975-million in assets and 77,000 members.
CU SoCal President/CEO Dave Gunderson will remain as president/CEO, while NBCEFCU President/CEO, Karen Pulliam will become a Member Services Officer. The NBCEFCU branch in Newport Beach, Calif. remains will remain open.
Meanwhile, in St. Cloud, Minn., St. Cloud FCU and St. Cloud City and County Employees Credit Union said they intend to merge. The merger process was pre-approved by regulators and affirmed by a vote of St. Cloud City and County Employees Credit Union members at a special meeting. The credit unions said final regulatory approval is anticipated in the coming months.
“Our board and our members are excited about this partnership. We gain more products, services, and delivery channels with a strong strategic partner to better position our member service for years to come,” stated Mel Tody, president and CEO of City and County Employees Credit Union. Tody will become CFO of St. Cloud Federal Credit Union once the merger is complete.
The merged institution will have $140 million in assets and serve more than 18,000 members with three branches.
“We are excited about the nature of this merger in having two strong organizations who share common core values, positioning us to do even more for the members and the communities we serve,” stated Jed A. Meyer, President and CEO of St. Cloud Federal Credit Union.