Local credit union merges into USF Federeal Credit Union - FINANCIAL-24
A credit union that was founded here in 1948 in the back of a Main Street barber shop has combined with a much larger credit union. The West Coast Federal Employees Credit Union has merged with USF Federal Credit Union, bringing that Tampa-based institution into the Sarasota-Manatee market for the first time.
The two-branch West Coast Federal had $31.2 million in assets and 2,540 members, many of them current or former postal employees.
With the merger, which was effective on Saturday, USF Federal reports more than $600 million in assets and 62,000 members.
“It’s a great opportunity for two strong institutions to come together,” said Richard Skaggs, president/CEO of the USF credit union. “We saw this as a way to offer services and expand our presence in Sarasota and Manatee county, which we haven’t had previously.”
Officials said West Coast members will have access to new products, such as a rewards credit card, enhanced electronic services, a new website and financial advice. Credit unions are non-profit institutions owned by their member customers.
Marie Peet, who has been CEO at West Coast since 2005, is now Sarasota-Manatee Division president at USF.
“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,” she said in a statement. All 12 West Coast employees have joined USF, which operates branches in Tampa, New Tampa, St. Petersburg and Brandon with about 150 employees.
USF said it will need several months to convert West Coast computer systems and its new Sarasota branches. Nearly 70 years ago, nine post office workers founded the Sarasota Postal Employees Credit Union in the rear of that downtown barber shop, putting money and receipts in a cigar box. The renamed West Coast later moved its main office to Clark Road.
It posted a loss of $16,000 in the first quarter after earning $16,000 in 2017 and losing $52,000 in 2015 amid slowly declining membership.
USF, which has operated an ATM on the USF Sarasota-Manatee campus, was named the 2017 “Credit Union of the Year” by the League of Southeastern Credit Unions & Affiliates in the $500 million-plus assets category. Last year, it merged with Darden Employees Federal Credit Union and created two brands — Darden and Red Lobster Credit Union — as divisions.
It offers financial services primarily to university faculty, staff, students, alumni and their families. It earned $672,000 in the first quarter of 2018 and $3.5 million in 2017. Analyst BauerFinancial rates it 5 stars, or “superior.”
With the merger, which was effective on Saturday, USF Federal reports more than $600 million in assets and 62,000 members.
“It’s a great opportunity for two strong institutions to come together,” said Richard Skaggs, president/CEO of the USF credit union. “We saw this as a way to offer services and expand our presence in Sarasota and Manatee county, which we haven’t had previously.”
Officials said West Coast members will have access to new products, such as a rewards credit card, enhanced electronic services, a new website and financial advice. Credit unions are non-profit institutions owned by their member customers.
Marie Peet, who has been CEO at West Coast since 2005, is now Sarasota-Manatee Division president at USF.
“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,” she said in a statement. All 12 West Coast employees have joined USF, which operates branches in Tampa, New Tampa, St. Petersburg and Brandon with about 150 employees.
USF said it will need several months to convert West Coast computer systems and its new Sarasota branches. Nearly 70 years ago, nine post office workers founded the Sarasota Postal Employees Credit Union in the rear of that downtown barber shop, putting money and receipts in a cigar box. The renamed West Coast later moved its main office to Clark Road.
It posted a loss of $16,000 in the first quarter after earning $16,000 in 2017 and losing $52,000 in 2015 amid slowly declining membership.
USF, which has operated an ATM on the USF Sarasota-Manatee campus, was named the 2017 “Credit Union of the Year” by the League of Southeastern Credit Unions & Affiliates in the $500 million-plus assets category. Last year, it merged with Darden Employees Federal Credit Union and created two brands — Darden and Red Lobster Credit Union — as divisions.
It offers financial services primarily to university faculty, staff, students, alumni and their families. It earned $672,000 in the first quarter of 2018 and $3.5 million in 2017. Analyst BauerFinancial rates it 5 stars, or “superior.”
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