VyStar Credit Union announced it has signed a Merger Agreement with First Coast Federal Credit Union, a federally chartered credit union headquartered in Jacksonville, Florida.
“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,” said VyStar President/CEO Brian Wolfburg. “First Coast Federal Credit Union 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.”
VyStar, which has more than 800,000 members and over $12 billion in assets, will remain the 14th-largest credit union in the country by asset size. The transaction is expected to close later this year and is subject to standard closing conditions as well as First Coast member vote and regulatory agency approvals.
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First Coast Federal Credit Union has served Northeast Florida residents since 1935 and has about 1,700 members and $11.2 million in assets. Members of the credit union consist of employees of Select Employee Groups (SEGs) and their family members. First Coast Federal Credit Union has one branch located in Jacksonville, Florida. All First Coast Federal Credit Union employees will be offered employment opportunities at VyStar.
“After careful consideration, First Coast Federal Credit Union has chosen to merge with VyStar Credit Union because of the strong commitment and presence VyStar has on Florida’s First Coast community,” said Richard A. Tipping, Jr, Director and Supervisory Committee Chairman of First Coast Federal Credit Union. “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. FCFCU could not have found a better merger partner to serve its members than VyStar.”
In order to bring credit union services to more people, VyStar continues to look for strategic opportunities to support its organic growth. In August 2019, VyStar successfully finalized a partnership with Citizens State Bank headquartered in Perry, Florida. VyStar gained three branches from the Citizens State Bank acquisition, helping expand and improve the services it offers members in the Gainesville market.
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“First Coast Federal Credit Union has been an optimal partner, and we look forward to another seamless transition,” said Chief Strategy Officer Ryan McIntyre, who leads VyStar’s efforts in identifying potential strategic partners. “VyStar remains committed to our employees, members and the communities we serve.”
VyStar is being represented in the transaction by Nelson Mullins Riley & Scarborough LLP as legal counsel. First Coast Federal Credit Union is represented by Rolfe & Lobello, P.A.
VyStar Credit Union is the second-largest credit union headquartered in Florida and now serves over 800,000 members with assets of over $12 billion. VyStar is the largest mortgage lender in Northeast Florida and a major employer in the region with over 2,000 employees. VyStar membership is open to everyone who lives or works in the 49 contiguous counties of Central to North Florida, 10 Georgia counties, and past and present military members and their families all over the world.
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