Banking

VyStar, First Coastal Federal Credit Union in Florida to merge

VyStar Credit Union in Jacksonville, Florida, has agreed to merge with First Coast Federal Credit Union, which is also headquartered in Jacksonville.

VyStar, which has more than $12 billion of assets, announced that it plans to combine with the $11.2 million-asset FCFCU pending regulatory approval and confirmation from members of the smaller credit union. The deal is expected to be finalized this year, with employees of FCFCU to be extended employment offers within VyStar.

“As a growing credit union, VyStar continues to look for strategic partnerships that strengthen our ability to serve more members and support the places we call home … [FCFCU] has a long history of exceptional service in Northeast Florida, and we look forward to honoring their legacy by welcoming their employees and members to our organization,” Brian Wolfburg, president and chief executive of VyStar, said in a press release Monday.

Last year, VyStar announced the largest-ever credit union purchase of a bank when it agreed to buy Heritage Southeast Bank in Jonesboro, Georgia for $195.7 million in cash. Heritage Southeast has $1.7 billion-assets.

Recently, that deal was postponed for a third time after both parties agreed to push back its original closing estimate to June 30 to obtain necessary regulatory approval.

“FCFCU’s merger with VyStar will provide FCFCU members with a wide array of products and services, including innovative electronic banking services and access to a growing network of more than 60 branches and hundreds of ATMs located throughout the state of Florida and the Southeastern United States,” Richard A. Tipping Jr., director and supervisory committee chairman of FCFCU, said in the release.

VyStar is represented in the transaction by Nelson Mullins Riley and Scarborough as legal counsel. First Coast Federal Credit Union is represented by Rolfe and Lobello.



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