Press
Regulators Approve Alive Credit Union Acquisition of Space Coast Credit Union Assets in Jacksonville Area
Douglas R. Samuels
President & CEO
Space Coast Credit Union
Contact: Colleen Aravena
321-752-2222 ext. 6273
colleena@sccu.com
Rose Gunter
President & CEO
Alive Credit Union
Contact: Kristin Madole
904-996-7691
kmadole@alivecu.coop
Melbourne, FL – Alive Credit Union (Alive) and Space Coast Credit Union (SCCU) announced that they have received regulatory approval from the State of Florida Office of Financial Regulation, as well as from the National Credit Union Administration (NCUA), for an agreement under which Alive would assume the Jacksonville area membership and branches of Space Coast Credit Union. This represents only a small portion of the Space Coast Credit Union branch network and is viewed as a spin-off rather than a merger.
The spin-off must now be approved by a vote of SCCU members who live in the area to be transitioned. A ballot package will be mailed to SCCU members in the spin-off area, which is mostly contained in Duval, Nassau, Clay, and Bradford counties. Votes can be cast by mail or at a special meeting to be held in the Jacksonville area later in the month.
Douglas R. Samuels, SCCU’s President and CEO, stated that the spin-off is the result of SCCU’s evaluation of the credit union’s ability to serve the members in the Jacksonville area in the manner that they deserve to be served. Samuels indicated that in determining a strategy for the area, the credit union had to address the contrast of an excellent membership against a weak branch structure. “When we acquired Eastern Financial Florida Credit Union in 2009, we acquired the current branch structure as well as the members. The membership in this area is greatly valued by the credit union, but the delivery structure is insufficient, preventing the ability to achieve any market scale from which to grow. We could not achieve the “springboard” effect we need to justify further investment in this area. We have already closed the Lake Asbury Branch and since we are not in the business of diminishing service to our members, we concluded that the best alternative is to find a local credit union that could actually expand and improve the service provided to our members in this area. SCCU entered discussions about a possible spin-off last year, and we have determined that our members will be well cared for by Alive Credit Union.”
The spin-off would transfer SCCU’s two Duval facilities along with their assets, loans, and ATMs in the area, as well as any SCCU members who live in Duval, Nassau, Clay, and Bradford counties to Alive following an affirmative membership vote. In addition, Alive plans to retain all existing staff at these locations at the time of the transition.
Alive Credit Union, formerly known as Healthcare’s Cooperative, recently completed a rebranding. Headquartered in Jacksonville, Florida, Alive Credit Union has over 58 years of experience serving the healthcare community and other select membership groups. Rose Gunter, President and CEO of Alive, commented that the SCCU acquisition would have an immediate and positive impact on the service provided both to current Alive members and the newly-acquired SCCU members. Stated Gunter, “The addition of these local offices will complement our existing Jacksonville branch network, expanding us into communities where our members live and allowing us to be even more convenient to the combined memberships.” The acquisition would bring Alive’s Jacksonville area membership to approximately 18,000 members.
If approved by the member vote, the spin-off is planned for September 30, 2012.
About Space Coast Credit Union
Space Coast Credit Union is headquartered in Melbourne, Florida, and serves over 370,000 members with assets of over $3 billion through a network of 58 branches and over 100 ATMs located throughout Florida and through its website, SCCU.com. Space Coast Credit Union is open for membership to anyone who lives or works in 17 Florida counties.
About Alive Credit Union
Alive Credit Union with assets of $112M is headquartered in Jacksonville, Florida, and serves over 15,000 members through its eleven offices, an extensive surcharge-free ATM network affiliation, and through its website, alivecu.coop. For over 58 years, the credit union has been a leading provider of banking and lending solutions, as well as workplace financial education to the healthcare community.