December 25th, 20190141Suncoast Credit Union recently announced the signing of an agreement to purchase Miami-based Apollo Bank.
The deal is the largest bank acquisition by a credit union in U.S. history and the 12th acquisition of its kind in Florida, according to a Florida Weekly article.
Apollo Bank is a leading community bank in Florida that is locally operated and owned by shareholders with $746 million in assets and about 100 employees. The bank, which launched in 2010, operates five branches in Miami's Brickell Financial District, Doral, Coral Gables, Kendall and Hialeah.
According to Suncoast Credit Union CEO Kevin Johnson, the agreement...
December 23rd, 20192116Creditunions.com recently named two Florida credit unions in its article about the best lending programs of the year.
The article recognized Manatee Community Federal Credit Union for offering innovative employer-sponsored small-dollar loans. Employers enroll in the program and then offer the loans as a benefit of employment, sometimes with loan reserves bolstered by company contributions, according to the Creditunions.com article.The idea behind these loans is relatively simple -- but they act as a rescue for many who would have turned to predatory payday loans.
Pen Air Federal Credit Union also received recognition for its auto...
December 20th, 20191162Business Observer recently featured Suncoast Credit Union's recent acquisition of Miami-based Apollo Bank. The merger happened after Suncoast reached $10 billion in assets. Apollo Bank has $746 million in assets.
The following is an exert from the Business Observer article:
In banking, $10 billion is more than just a really big number. When an institution crosses that threshold with its assets, it becomes subject to several regulations within the Durbin Amendment of the Dodd-Frank Act. One of those is a cap on income from interchange fees, which immediately put pressure on Suncoast's earnings. And because Suncoast is a credit union, that...
December 20th, 20190227Space Coast Credit Union, the third largest credit union in Florida, is reolcating its existing South Florida operations center to the Miramar Park of Commerce, the largest locally owned and managed business park in South Florida, according to a Caribbean Today article.
The credit union, which employees about 850 team members, is leasing the entire 48,604-square-foot space.
"We chose the Miramar Park of Commerce due to its proximity and convenient access to major nearby thoroughfares," SCCU Chief Operating Officer Alan Lewis told Caribbean Today. "We weren't necessarily looking at new construction, but we found that this building...
December 17th, 20191115McCoy Federal Credit Union and partners of 27 Community Connection sponsored a holiday-themed run benefiting Florida Hospital for Children in Orlando.
Hundreds of runners and walkers donned their zaniest Christmas sweaters to fund-raise and increase awareness for pediatric cancer during the 20th Annual Greg Warmoth Reindeer Run at SeaWorld Florida.
"McCoy Federal Credit Union embodies the credit union charter of "helping people help people" through sponsorship to help those in need and dedicated service to its members," according to a credit union press release.
For more information, visit the credit union's website...
December 5th, 2019110343Florida credit unions continue to offer substantial financial benefits to members, according to the Credit Union National Association’s Mid-Year 2019 Florida Membership Benefits Report.
According to Datatrac, the research firm behind CUNA’s report, credit unions in the state provided their 5.8 million credit union members $589,765,589 in direct financial benefits during the 12 months ending in June. That means, on average, credit union members received the equivalent of $101 each and that households received an average of $212.
Credit unions are member-owned and democratic, allowing these not-for-profit financial institutions to...
November 22nd, 201927126MPS Credit Union recently celebrated being awarded the prestigious national Juntos Avanzamos designation by Inclusiv. The Juntos Avanzamos designation is awarded to credit unions that are committed to serving Hispanic and immigrant communities by providing education and services that improve financial well-being.
In recognition of the honor, community members, business partners, MPS Credit Union employees, Inclusiv executives, and local dignitaries gathered at the credit union for a proclamation ceremony and celebration catered by MPS Credit Union Hispanic Business Partner, The Healthy Gourmet, and entertainment was provided by Jahinero...
November 18th, 2019199GTE Financial recently opened a new South Dale Mabry branch in a modern building less than a mile away from its former facility, according to a CUToday article.
The new building, located at 4202 W Kennedy Boulevard, features anti-skimming ATMs, new cutting-edge interior design and Interactive Teller Machines branded as GTE OnScreen.
"South Tampa is a premier neighborhood that GTE Financial is thrilled to have served for over 30 years," GTE Financial CEO and President Brian Best told CUToday. "We are proud of this new location and invite the community to stop by and take advantage of everything we have to offer."
For more...
November 15th, 20190102McCoy Federal Credit Union sponsored Pet Alliance of Greater Orlando’s 28th Annual Furball fundraiser.
In 2019, more than 7,000 homeless animals received medical care, compassion and adoption services. The unique fundraiser at the Four Seasons in Orlando, Fla., joined elegant attendees with adoptable pets at the Cuddle Lounge and a silent auction featuring items from guitars to vacations. Pet Alliance of Greater Orlando’s 28th Annual Furball was the largest and most successful in the event’s 28-year history, raising $346,000.
Florida
