Gainesville-headquartered Radiant Credit Union announced Thursday a merger with Palatka-based First Coast Community Credit Union, with goals to expand resources while keeping the community feel of both institutions.
Radiant Credit Union said completion of the merger is anticipated for December when it gets membership and regulatory approval. First Coast Community Credit Union will get absorbed into Radiant as a result.
First Coast Community has nearly 12,000 members, and Radiant Credit Union has 48,000 members.
Wes Strickland, vice president of marketing for Radiant, told Mainstreet that the next step for the merger will be a vote by First Coast Community members (anyone who has an account). He said the vote will likely happen in August, and assuming success, the credit unions will then file the proper paperwork with state regulators and the National Credit Union Administration (NCUA).
In a press release, Tom Barnard, president and CEO of Radiant Credit Union, said the company is thrilled to welcome the members and employees of First Coast Community Credit Union to the Radiant family.
“This merger represents a significant milestone in our combined mission to help more of our members achieve financial success,” Barnard said in the release. “By expanding our footprint and combining our resources, we can enhance the financial well-being of our overall membership while maintaining the personalized service and community commitment that define both organizations.”
Both institutions have their roots in North Central Florida.
Radiant Credit Union began in 1957 with members chipping in $5 each to give Florida USDA Federal Credit Union its first assets. The credit union only served United States Department of Agriculture (USDA) employees at first, but the company morphed into a not-for-profit financial institution that serves anyone.
Similarly, First Coast Community Credit Union offered services to the employees of Hudson Pulp and Paper Mill starting in 1948. The mill’s employees launched the credit union that evolved over the years, including a merger with the Putnam County Teachers Credit Union in 2008.
Gretchen Lunsford, president and CEO of First Coast Community Credit Union, called the merger a perfect fit.
“Our two credit unions share a common vision—putting our members first and fostering strong local connections,” Lunsford said in a press release. “This merger allows us to maintain the small-town, community-based credit union feel that our members love while benefiting from the additional resources and locations of Radiant.”
The press release said members of both credit unions can expect regular updates as the merger moves forward and employees of First Coast Community Credit Union will transition to roles with Radiant Credit Union.
Strickland said the merger allows Radiant to expand into a new area of Florida where it currently lacks branches. He said Radiant plans to keep all First Coast Community employees, both to serve this new area and to ensure the same service members are used to.
Strickland added that the merger will give more internal opportunities to First Coast Community employees.
First Coast Community branches will eventually rebrand to Radiant, but Strickland said it’ll be a steady process.
“We, of course, want to make sure membership and folks in the communities are aware of the correlation between the two organizations so it’s not as blunt as a, ‘hey, you’re this today and you’re this tomorrow,’” Strickland said. “It’s definitely a little more tactical in how we make that transition over time and introduce Radiant into the markets where First Coast is, which are brand new markets for Radiant.”
The benefits to current First Coast Community members will be enhanced online banking services and more ATM and location options. Strickland said Radiant members will also see a change. Adding members will give Radiant more size to offer services currently out of reach.