Achieva and Sarasota Coastal Credit Unions To Merge
10/28/2009 12:12:41 PM
Merger between Achieva and Sarasota Coastal Credit Union
CLEARWATER, FL (Oct. 28, 2009) – Achieva Credit Union and Sarasota Coastal Credit Union will become a single credit union effective November 1, 2009. Sarasota Coastal Credit Union members voted their approval of this merger in a Special Member meeting, held in Sarasota on Oct. 26.
“We are pleased that the members of Sarasota Coastal Credit Union have voted in favor of merging, and we look forward to working with them throughout the entire consolidation process,” said Gary Regoli, President and CEO of Achieva. “The combined strengths of the two credit unions will provide even greater benefits to all of our members.”
The merger will create a credit union with more than $800 million in assets and more than 90,000 members in seven counties. Achieva has members in Pinellas, Pasco, Hernando and Hillsborough counties while Sarasota Coastal Credit Union currently serves Manatee, Sarasota, and Charlotte counties. SCCU operations will begin to merge in early 2010, and should be completed by the third quarter.
Initial discussions between the credit unions about a potential merger began this April and the two signed a letter of intent to merge on July 31. Following a due diligence process and regulatory approval from state and federal regulators, Sarasota Coastal Credit Union members proceeded to vote, with more than 86 percent voting in favor of the merger.
“We anticipate a smooth transition, thanks to the initial effort we put into finding the right partner,” said Regoli, “Sarasota Coastal Credit Union has a wonderful, loyal membership base and operates with a similar philosophy and value structure to our own.” For example, both credit unions were originally formed to serve employees of the school system, he said.
About Achieva Credit Union: Achieva Credit Union, which was founded in 1937, is a $650 million credit union headquartered in Clearwater, FL, with over 65,000 members at six branches in Pinellas County and one in Pasco County.
About Sarasota Coastal Credit Union: Sarasota Coastal Credit Union, which was started in 1953, is a $235 million credit union headquartered in Sarasota, FL, with over 25,000 members at five branches in Sarasota County.