Florida CUs set to merge mid-year

Yesterday, two Florida credit unions, Miramar-based Tropical Financial Credit Union and Miami-based Financial Federal Credit Union, announced a deal to merge. Financial Federal will be absorbed by Tropical if the deal is approved.

The announcement, published in South Florida Business Journal yesterday, quotes Richard Helber, president and CEO of Tropical: “Tropical Financial is pleased to welcome Financial Federal members. By combining the two institutions, both memberships will benefit from higher savings rates, lower loan rates and lower service fees that are the hallmark of our cooperative structure.”
The article goes on to say, “Tropical is significantly larger than Financial Federal, with $654.7 million in assets as of Dec. 31, according to the National Credit Union Administration. The Miramar-based credit union had 53,549 members. Financial Federal had approximately $50.5 million in assets and 6,333 members at that time.”
The deal is anticipated to close by mid-year. Read the full article here.