LAKELAND, Fla. (12/13/11)--MidFlorida CU, based in Lakeland, Fla., announced it will assume the Tampa Bay-area branches, assets and membership of SpaceCoast CU (SCCU), Melbourne, Fla., pending approval from regulators and members.
The move represents a small portion of SCCU's branch network and is viewed as a spinoff rather than a merger, said FloridaToday.com (Dec. 12) and TheLedger.com (Dec.9).
MidFlorida will take over six SCCU branches, three in Pinellas County and three in Hillsborough County. It already had expanded into the Tampa area last year with a merger withTampa-based Gulf CU, said The Ledger.
SCCU President/CEO Doug Samuels said the action is the result of the credit union's evaluation of how to serve its Tampa-area members. The options were to invest heavily in an expansion of the existing branch network or to seek a partner who would commit to developing this area, he told local media.
MidFlorida CU plans to retain existing staff. The membership vote is expected to be finalized March 31. If approved, the spinoff would be completed on July 1.