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October 22, 2018

Press Release

USF Federal Credit Union and West Coast Federal Employees Credit Union Announce Merger

| 7/7/2017

TAMPA, Fla. -- West Coast Federal Employees Credit Union (WCFECU), in Sarasota, Florida, has merged with USF Federal Credit Union (USF FCU) in Tampa. The combined financial institutions have more than $600 million in total assets and over 62,000 members. The merger allows USF FCU to deliver its financial products and services to members in Sarasota and Manatee County.

"It's a great opportunity for two strong institutions to come together," said USF FCU's president and CEO, Richard Skaggs. "We saw this as a way to offer services and expand our presence in Sarasota and Manatee County which we haven't had previously."

West Coast FECU and USF FCU share a deep commitment to our members, our staff and the communities and organizations we serve," said Marie Peet, president of WCFECU. "This partnership is a perfect example of how credit unions, working together, can find innovative opportunities to improve the products and services for all members. The boards of directors and executive teams from both credit unions are excited to see this partnership transpire."

The purpose of the merger was to leverage the strengths of the organizations to better serve members of both institutions. WCFECU members will have access to a wide variety of new products; including, a rewards credit card, enhanced electronic services, a robust website, financial advising, and more.

WCFECU members also will become part of a fast-growing credit union that is affiliated with the University of South Florida – one of the top universities in Florida. USF FCU will serve members at the USF Sarasota-Manatee campus which has more than 2,000 students and 300 employees. The Sarasota area also is home to more than 17,000 USF alumni.

The merger was approved by the National Credit Union Association (NCUA). The 12 current WCFECU employees will become employees of USF FCU, Skaggs said. "We look forward to assimilating WCFECU employees into USF FCU and making them a part of our family that we have here." USF FCU has branches in Tampa, New Tampa, St. Petersburg and Brandon and has about 150 employees.

The merger was effective July 1, however it will take a few months to merge the computer systems and complete the transition of the Sarasota branches to USF FCU. For more information about the merger visit www.usffcu.com/merger.


About USF Federal Credit Union

USF Federal Credit Union offers a full range of financial services to the faculty, staff, students, alumni association members, and families at the University of South Florida in Tampa. USF FCU divisions include Darden Credit Union serving employees of Darden Restaurants, Inc., and Red Lobster Credit Union for employees of Red Lobster restaurants. Please visit: www.usffcu.com for more information.

Tags: Banking & Finance, Business Services

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