The board of the Gulf Power Company Employees Credit Union (GPCECU) recently voted to enter into a partnership agreement with Florida State University (FSU) Credit Union to merge later this year.
The merger is pending regulatory approval and a special GPCECU membership vote.
“The board and management of GPCECU are excited about the partnership with FSU Credit Union,” said Anita Cooper, president and CEO of GPCECU. “Combining our institutions will allow the credit union to continue our premier service, while offering more products and services to GPCECU members as well as open up new lending opportunities to membership.”
GPCECU, with $46 million in assets and 3,259 members, currently has two branch locations in Pensacola, Fla., and one in Panama City, Fla. Membership is limited to individuals affiliated with Gulf Power Company or NextEra Energy, which purchased Gulf Power Company in 2018.
FSU Credit Union, with an asset size of $223 million, serves nearly 26,000 members through seven locations in Tallahassee, Fla., Crawfordville, Fla., and Perry, Fla. Membership to FSU Credit Union is open to Florida State University alumni living anywhere in the U.S. as well as to anybody who lives or works in Bay, Calhoun, Escambia, Franklin, Gadsden, Gulf, Holmes, Jackson, Jefferson, Leon, Liberty, Okaloosa, Santa Rosa, Taylor, Wakulla, Walton or Washington counties.
“The partnership between GPCECU and FSU Credit Union will not only translate to additional products and opportunities for GPCECU members, but will also secure a brighter financial future for FSU Credit Union, allowing us to enhance our services for current members and expand to serve the Pensacola and Panama City communities,” said FSCU Credit Union President and CEO Chuck Adcock.
Regulatory approval is expected mid-year of 2020 with the special member vote soon after. For more information, contact Jessie Watson at 850-224-4960 ext. 1020 or at 850-544-2901.