Tampa credit union led deal wins final approval, creating $22B institution

Launch Credit Union members have approved a merger with Tampa-based Suncoast Credit Union, clearing the way for a combined financial institution with more than 1.5 million members and $22 billion in assets.

The merger will take effect Sept. 1, the credit unions announced Wednesday. The combined organization will operate under the Suncoast name, extending Florida’s largest credit union deeper into the Space Coast.

Nearly 80% of Launch members who participated in a 45-day voting period supported the deal, according to the credit unions. The merger had already received approval from both organizations’ boards and the National Credit Union Administration, the federal agency that regulates and insures credit unions.

Launch, based in Merritt Island, serves more than 86,000 members and manages more than $1.4 billion in assets. Its 17 branches are spread across Brevard and Volusia counties.

Suncoast has more than 1.4 million members, $20.9 billion in assets and 81 full-service branches. The credit union traces its history to 1934, when it was first established as the Hillsborough County Teachers Credit Union.

Suncoast President and CEO Kevin Johnson will lead the combined credit union. Launch CEO Joe Mirachi plans to retire after the merger, according to the announcement. 

Although the deal becomes legally effective Sept. 1, customers should not expect immediate changes to their accounts, branches or digital services, the credit unions say. Launch will operate as “Launch, a Branch of Suncoast Credit Union” while the institutions combine their systems and operations.

That transition is expected to last until summer 2027. Until then, Launch and Suncoast members should continue using their existing credit union’s branches, online banking platforms and customer-service channels.

The credit unions say no branches will close and the merger will not result in job losses. Instead, the two agencies say employees could gain additional opportunities as part of the larger organization.

Launch members may also receive a share of a special dividend totaling as much as $15 million. The payment will be distributed to qualifying accounts before the merger takes effect, though the announcement did not specify eligibility requirements or how much individual members could receive.

The combined organization also plans to invest $5 million in nonprofit groups and school districts across the Space Coast, according to the announcement.

Suncoast is the seventh-largest U.S. credit union by membership and the 10th-largest by assets, according to the organization. Its membership eligibility includes people who live, work or attend school across the state, as well as public school teachers, college educators and education support employees throughout Florida.

Launch was founded in 1963 and serves people who live, work, worship or attend school in Brevard or Volusia counties.