GTE Federal Credit Union and Suncoast Schools Federal Credit Union announced a proposal to merge the two multi-billion dollar credit unions. The merger would be the largest credit union merger ever with combined assets reaching nearly $8 billion.
Both Florida credit unions have been hard hit by the housing market collapse and an increase in bankruptcy filings of their members. Tom Dorety, President of Suncoast, stated “The problems both of us are seeing are consumer driven and clearly due to where we live.”
The merger isn’t expected for another year. Suncoast and GTE will review financial statements, operation, contracts, underwriting standards, IT systems, human resources, and regulatory examinations for the next six months before submitting the merger proposal to the NCUA for approval.
Randall C. Smith, Managing Editor
CUiNSIGHT.com
Thursday, March 12, 2009
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