Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
MidFlorida CU to acquire Space Coasts Tampa branches
LAKELAND, Fla.  (12/13/11)--MidFlorida CU, based in Lakeland, Fla., announced it will assume the Tampa Bay-area branches, assets and membership of SpaceCoast CU (SCCU), Melbourne, Fla., pending approval from regulators and members.

The move represents a small portion of SCCU's branch network and is viewed as a spinoff rather than a merger, said FloridaToday.com (Dec. 12) and TheLedger.com (Dec.9).

MidFlorida will take over six SCCU branches, three in Pinellas County and three in Hillsborough County. It already had expanded into the Tampa area last year with a merger withTampa-based Gulf CU, said The Ledger.

SCCU President/CEO Doug Samuels said the action is the result of the credit union's evaluation of how to serve its Tampa-area members. The options were to invest heavily in an expansion of the existing branch network or to seek a partner who would commit to developing this area, he told local media.

MidFlorida CU plans to retain existing staff. The membership vote is expected to be finalized March 31.  If approved, the spinoff would be completed on July 1.


RSS print
News Now LiveWire
.@CFPB obtains $92M in debt relief from Colfax Capital Corp. http://t.co/QPZAeCAcy2 See also: http://t.co/Kjf4HHkINW
26 minutes ago
Julian Castro was sworn in as 16th secretary of @HUDgov Dept. of Housing and Urban Development Mon.
35 minutes ago
.@CUNA's Chief Economist @SchenkMike talks consumer confidence--at highest levels since 2007 w/ @TheStreet @JoeDeaux http://t.co/JyoYQmhAxc
38 minutes ago
RT @CUNA: .@CUNA's Jeremy Dalpiaz congratulates @reppittenger on reg relief bill consideration after @FinancialCmte markup http://t.co/9JMG…
43 minutes ago
Hensarling: "Post Dodd-Frank we've seen community banking wither on the vine under regulatory burden, w/ costs passed to low income buyers"
1 hours ago