Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Suncoast Schools GTE call it quits on merger
TAMPA, Fla. (7/16/09)--Two large Tampa-based credit unions--Suncoast Schools FCU and GTE FCU--have called it quits on their proposed merger, after extensive due diligence, they announced Wednesday. The announcement, made jointly by Tom Dorety, president/CEO of Suncoast Schools FCU, and Bucky Sebastian, president/CEO of GTE FCU, said their decision to terminate the merger discussions was mutual. The decision was "based on the determination that the potential disruption in operations to both organizations was extensive enough to outweigh the potential benefits of the merger," Dorety and Sebastian said. In March, the credit unions announced they had signed a letter of intent to pursue a merger. If a merger had gone through, it would have been the largest credit union merger in history, creating an $8 billion asset credit union (News Now March 4). Suncoast Schools FCU was chartered in 1934 and serves more than 481,020 members through 50 full-service branches in 15 Florida counties. With $5.1 billion in assets, it is the largest credit union in the state and the seventh largest in the U.S. GTE FCU was chartered in 1935 and serves 205,000 members through 38 branches in 14 counties in Florida. It has $1.8 billion in assets.


RSS print
News Now LiveWire
Goodwill Industries latest to report data security breach http://t.co/gIaXNsT4Bk
12 hours ago
CUNA economist Schenk discusses regulators' focus on interest-rate risk. See CU Magazine: http://t.co/tW1p9rTSSv
14 hours ago
Fed issues annual report on general-use prepaid cards in gov't-administered payment programs. http://t.co/3zPhejSPZt
14 hours ago
Children in foster care face higher risk of identity theft via @NBCNews http://t.co/Dif0hCfBdA
14 hours ago
.@Cornerstone_CUL's leadership conference includes food drive for San Antonio food bank http://t.co/h2O8O4TxuD
15 hours ago