JACKSONVILLE, Fla. — Two Jacksonville-based credit unions announced Thursday intentions to join forces. The merger between VyStar Credit Union and 121 Financial Credit Union is expected to close later this year pending regulatory and member approval, according to news releases from the businesses.
“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,” VyStar President/CEO Brian Wolfburg stated in a news release. “We look forward to welcoming their employees and members to VyStar and working together to build on their many contributions to Northeast Florida.”
“This partnership brings together two trusted, financially strong Jacksonville-based credit unions with a combined 150-year history serving Northeast Florida,” 121 Financial Credit Union President/CEO David Marovich, stated in a news release.
VyStar is the 13th-largest credit union in the country by asset size and 121 Financial has served Northeast Florida residents since 1935 and has more than 49,000 members, nearly $680 million in assets, eight branches and 140 employees who will all be invited to join VyStar, a VyStar news release states. Once the merger is completed, VyStar will have more than 920,000 members with assets of over $14 billion, the news release states.