MidFlorida Credit Union (stylized as MIDFLORIDA) is a

credit union A credit union is a member-owned nonprofit organization, nonprofit cooperative financial institution. They may offer financial services equivalent to those of commercial banks, such as share accounts (savings accounts), share draft accounts (che ...

based in

Lakeland, Florida Lakeland is a city in Polk County, Florida, United States. Located along Interstate 4, I-4 east of Tampa and southwest of Orlando, Florida, Orlando, it is the List of municipalities in Florida, most populous city in Polk County. As of the 2020 ...

. MidFlorida has 58 locations throughout the state of Florida, 421,180 members and $6.05 billion in assets as of December 31, 2021, making MidFlorida the fourth-largest credit union in the state of Florida. MidFlorida Credit Union is regulated by the

National Credit Union Administration The National Credit Union Administration (NCUA) is an American government-backed insurer of Credit unions in the United States, credit unions in the United States, one of two agencies that provide deposit insurance to depositors in U.S. deposi ...

(NCUA) as a federally insured state-chartered credit union. MidFlorida was officially chartered in 1935 and was assigned NCUA charter number 68600.

History

MidFlorida Credit Union was founded in 1954 in Lakeland as the Polk County Teachers Credit Union, and currently serves a large part of the Central Florida area. In 2002, MidFlorida expanded its community charter to include Okeechobee, Sumter and Hardee counties. MidFlorida became a state-chartered credit union in 2009, shortening the company name to MidFlorida Credit Union.

Bay Gulf Merger

On June 15, 2010, MidFlorida and Bay Gulf Credit Union announced a merger between the two credit unions, which added Bay Gulf's approximately 20,000 members and $140 million assets to MidFlorida then 130,000 members and $1.4 billion assets. As a result of the merger, MidFlorida gained access to the

Tampa Bay area The Tampa Bay area is a major metropolitan area surrounding Tampa Bay on the Gulf Coast of Florida in the United States. It includes the main cities of Tampa, Florida, Tampa, St. Petersburg, Florida, St. Petersburg, and Clearwater, Florida, Clea ...

and expanded services to all or part of 14 Florida counties.

Space Coast acquisition

Near the end of 2011, MidFlorida Credit Union and

Space Coast Credit Union Space Coast Credit Union (SCCU) is an American state-chartered credit union headquartered in Melbourne, Florida. It is insured and regulated by the National Credit Union Administration (NCUA). As of 2022, SCCU had over 560,000 members and $7.7 bi ...

announced that MidFlorida would acquire six Tampa-area branches from Space Coast, based in

Melbourne, Florida Melbourne ( ) is a city in Brevard County, Florida, United States. It is located southeast of Orlando, Florida, Orlando along Florida's Space Coast, named because of the region's proximity to Cape Canaveral and the Kennedy Space Center. The city ...

. This acquisition added 16,000 members to MidFlorida for a total of 35,000 members and 14 branches in Hillsborough, Pasco and Pinellas counties.

Indian River Credit Union merger

In 2012, MidFlorida Credit Union merged with Indian River Federal Credit Union, based in

Vero Beach, Florida Vero Beach is a city in and the county seat of Indian River County, Florida, United States. According to the 2020 United States census, 2020 census, the city had a population of 16,354. Nicknamed "The Hibiscus City", Vero is situated about south ...

. The merger added Indian River's 9,100 members and $55.5 million assets to MidFlorida, giving the credit union two additional branches in Vero Beach and

Sebastian, Florida Sebastian is the most populous city in Indian River County, Florida. It is located at the confluence of the St. Sebastian River and the Indian River. It is the largest city in Indian River County and the biggest population center between Palm ...

. These conversions expanded MIDFLORIDA's ability to provide services across the state, from the Tampa Bay market (Hillsborough and Pinellas County) to the Treasure Coast. In November 2019, MidFlorida Credit Union completed two mergers, one with

Ocala, Florida Ocala ( ) is a city in and the county seat of Marion County, Florida, United States. Located in North Central Florida, the city's population was 63,591 as of the 2020 United States census, 2020 census, up from 56,315 at the 2010 census and making ...

based bank Community Bank & Trust and First American Bank. MidFlorida will acquire all assets of Community Bank & Trust while only acquiring the Florida Assets for First American Bank. The merger with Community Bank & Trust was the largest bank merger with a credit union in history.

References

External links

* *{{commons inline Credit unions based in Florida Companies based in Lakeland, Florida Banks established in 1954 1954 establishments in Florida