MERRITT ISLAND, Fla.–A proposed merger that would create a near $3-billion credit union and a merger vote that approved a combination have been announced in two separate states.
In Merritt Island, Fla., the $1.396-billion Launch Credit Union and the $1.365-billion Community Credit Union in Rockledge, Fla., said they are seeking to merge.
“This strategic alliance aims to optimize operational efficiencies, broaden product offerings, and deliver enhanced value to members through leveraging shared resources and expertise while maintaining a strong commitment to the members, employees, and communities they serve,” a Community Credit Union spokesperson said in a statement.
“With the approval of the merger set to be finalized by the middle of 2025, this partnership represents a member-focused effort that would allow the combined organization to enhance the credit union’s commitment to greater access and convenience and increased member value.”
About the Credit Unions
Launch Credit Union has approximately 85,000 members and reported $2.963 million in net income and net worth of 8.84% as of mid-year. Community Credit Union, with approximately 58,000 members, reported net income of $2.694 million and capital of 11.03%, as of the same date.
Combined, the credit union will have 22 branches.
“We are thrilled to announce our plans to join forces with Community Credit Union,” said Launch CU President/CEO Joe Mirachi said in a statement. “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. We are excited about the opportunities this merger will bring and the positive impact it will have on our communities.”
CEO Plans Retirement
Community CU was founded in 1953 by a group of ten teachers in Titusville, Fla. and was originally known as the Brevard County Teacher’s Credit Union.
Launch Credit Union was chartered to serve Kennedy Space Center in 1963.
“By joining together, we will create a stronger, more resilient financial institution dedicated to serving our members, employees, and communities with excellence,” Laurie Cappelli, president/CEO of Community Credit Union, said in a statement. “Our members will gain access to more than 20 branch locations. Together, we will build on our legacies of trust, integrity, and exceptional service to empower our members towards financial success. We look forward to a very bright future together.”
If approved by members, the merger is to take place by July 2025. Mirachi, will continue as the combined credit union’s president/CEO and Laurie Cappelli plans to retire and will serve in a consultant role as needed through system integration.
Merger Approved in Georgia
Separately, in Atlanta, the 6,778 members of the $87.7-million Pinnacle CU have voted in favor of merging with the $934.7-million, Lawrenceville, Ga.-based Peach State FCU.
Pinnacle reported an $84,359 loss at mid-year, with capital at 8.74%. Peach State FCU had $4.227-million in net income at midyear, with capital of 8.36%.
The credit unions said they have a “shared history of serving educators, and possess common values, mission, and culture.”
‘Member-Centric Decisions’
Pinnacle Credit Union was founded in 1926 under the name Atlanta Teachers Credit Union and is currently the second oldest credit union in Georgia.
“Our shared history and mission create a new chapter filled with opportunity for Pinnacle’s members,” PCU CEO Matt Selke said in a statement. “Our board of directors and management team are committed to making member-centric decisions that will help them achieve their goals. This merger positions us to do just that, and to be able to meet the ever-changing financial needs of our members and communities while staying true to our core values and principles.”
‘Minimal Impact’
Added Marshall Boutwell, president and CEO of Peach State, “We are excited to welcome Pinnacle members and staff into the Peach State family and look forward to building meaningful relationships with our new communities. It is our goal to make this transition as smooth as possible for Pinnacle’s members, with minimal impact on their day-to-day banking activities.”
Peach State FCU has more than 70,000 members.