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CU System
Sarasota Coastal ends merger talks with MidFlorida
SARASOTA, Fla., and LAKELAND, Fla. (5/1/09)--Two Florida credit unions--Sarasota Coastal CU of Sarasota and MidFlorida FCU of Lakeland--say they have ended their merger talks. The $235 million asset Sarasota Coastal and the $1.283 billion asset MidFlorida had announced April 8 they were in merger talks. They had expected a regulatory review to be completed by Thursday and had aimed for a merger completion by June 30 (NewsChief.com and Herald Tribune April 29). Under the merger proposal, MidFlorida was to keep its name and Sarasota was to operate as Sarasota Coastal CU. Sarasota President Tom Randle was to become MidFlorida senior vice president of government affairs. MidFlorida did not state a reason in its announcement. Kevin Jones, president/CEO of MidFlorida, told NewsChief.com that he credit union's board had decided to move forward from converting its charter from federal to state to allow it greater flexibility in expanding. Randal told the Herald-Tribune that Sarasota Coastal called off the merger when MidFlorida failed to seat two Sarasota directors on its board.


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