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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.


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