Published on April 20, 2023 at 9:47 am
Two Jacksonville-based credit unions plan to merge later this year.
121 Financial Credit Union said Thursday that it will pursue a merger with VyStar Credit Union, pending approval by regulators and members.
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121 Financial was founded in Northeast Florida more than 85 years ago as Florida Telco Credit Union. It has more than 49,000 members, $680 million in assets, eight branches and 140 employees.
All 121 Financial employees will be offered jobs at VyStar, the announcement said.
VyStar is the 13th largest credit union in the country, with $13.5 billion in assets and 875,000 members. Once the merger is complete, VyStar will have more than 920,000 members and 2,500 employees.
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The credit unions did not say whether 121 Financial Ballpark, home to the Jacksonville Jumbo Shrimp, would be renamed. The stadium sits across the street from VyStar Veterans Memorial Arena.
“This partnership brings together two trusted, financially strong, Jacksonville-based credit unions with a combined 150-year history serving Northeast Florida,” David Marovich, president and CEO of 121 Financial, said in a news release.
Brian Wolfburg, president and CEO of VyStar Credit Union, said: “121 Financial Credit Union has a proven history as a mission-oriented credit union, which aligns with our organization’s commitment to improving the places we call home. We look forward to welcoming their employees and members to VyStar and working together to build on their many contributions to Northeast Florida.”
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