Jacksonville, Florida's 121 Financial Credit Union And Duval Federal Credit Union To Merge

 
 
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* 121 Financial
* Duval Federal
* Merger
* Jacksonville

Industry:
* Banking

Location:
* Jacksonville - Florida - US

JACKSONVILLE, Fla. - Aug. 7, 2014 - PRLog -- The Boards of Directors for 121 Financial Credit Union and Duval Federal Credit Union have agreed to merge in late 2014, it was reported in a joint announcement from William Braddock, CEO of 121 Financial and Phillip Springer, acting CEO of Duval Federal.  The merger is subject to approval by the membership and State and Federal regulators.

Duval Federal will be merged under the 121 Financial Credit Union brand and will add four branches, 6,300 members and approximately $51 million in assets to 121 Financial. 121 Financial currently has approximately $448 million in assets, 39,100 members and eight branch locations.  The combined credit unions will have approximately 160 employees and none of the employee will be laid off as a result of the merger.

The merger should have no effect on the current Duval Federal branches or their 18 employees other than a brand change and the addition of 121 Financial members using those facilities. Duval Federal members will have the convenience of utilizing the nine 121 Financial branches around the area.

“Combining the assets of Duval Federal and 121 Financial provides a more powerful financial resource for members of both credit unions,” Springer said.

“From our prospective, it is just a logical fit to merge the two credit unions who have similar goals, similar cultures and solid long-term reputations for taking care of members on a personal level,” said Braddock.

Duval Federal was chartered in 1935 as the credit union for the City of Jacksonville employees. It began with 45 members and $225 in assets. The credit union built its operations over the years by adding other select employer groups, including University of Florida Health Systems, and expanded membership to anyone residing or working in Duval County.

121 Financial also started in 1935 under the name of Florida Telco, serving the telecommunications industry in Northeast Florida. In 1990 it expanded its membership to anyone living or working in the eleven First Coast counties.

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