Suncoast Credit Union announces merger, would grow to over $21B

The largest credit union in Florida is about to get bigger: Tampa-based Suncoast Credit Union, with $19.68 billion in assets, announced a merger Friday with Launch Credit Union, based in Brevard County. Launch, serving Brevard and Volusia counties out of its Merritt Island headquarters, has more than $1.43 billion in assets. 

Suncoast Credit Union officials declined to disclose a price for the merger, which, pending regulatory approval and a Launch Credit Union membership vote, they say could close by the end of the year. 

Once completed, Suncoast says the combined organization will hold more than $21 billion in assets, serve approximately 1.4 million members and employ almost 3,000 people across 96 branches throughout Florida. 

At that size, Suncoast pushes closers to becoming one of the top five largest credit unions in the country. No. 1 is Navy Federal Credit union, with more than $197.16 billion in assets, according to the National Credit Union Administration, which regulates the industry. No. 5, according to NCUA data, is Boeing Employees Credit Union, with $29.36 billion in assets. No. 6 is Riverdale, Utah-based America First Credit Union, with $23.78 billion in assets. (At its current $19.2 billion in assets, Suncoast is No. 10 nationally.)

Suncoast officials say there will be no job losses and no branch closures because of the merger. 

Kevin Johnson, president and CEO of Suncoast, will lead the combined credit union after the merger while Joe Mirachi, president and CEO of Launch Credit Union, plans on retiring once it is completed. “With Launch Credit Union we found an ideal partner that shares our values, financial strength, and commitment to employees and communities," Johnson says in the release. 

Following the merger, the combined organization will operate under the Suncoast Credit Union name. 

Chartered in 1934 as Hillsborough County Teachers Credit Union, Suncoast Credit Union currently operates 79 full-service branches and serves more than 1.3 million members across Florida. Launch serves more than 86,000 members with 17 branches.