Small utility credit union to merge into Florida State University CU
Gulf Power Company Employees Credit Union of Pensacola, Fla., is set to merge into Tallahassee-based Florida State University CU later this year.
The deal is still subject to regulatory approval, which is expected by midyear. A vote from GPCECU members will follow.
“The board and management of GPCECU are excited about the partnership with FSU Credit Union,” Anita Cooper, president and CEO of GPCECU, said in a press release. “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 the membership.”
The $46 million-asset GPECU is a single-SEG institution with two branch locations, in Pensacola and Panama City, and serves about 3,200 members affiliated with Gulf Power Co. and NextEra Energy, which purchased Gulf Power in 2018.
After the merger closes, Cooper will transition to a position on FSU CU’s senior management team, CEO Chuck Adcock told Credit Union Journal, adding “we’ve committed to retaining all of their staff and branches.”
The Panama City branch, which is within the power company’s facility, will likely be moved to a location yet to be determined.
“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,” Adcock said in a press release.
GPCECU posted net income of about $312,000 last year, up more than 30% from one year prior thanks in part to decreased expenses and an uptick in revenue streams like noninterest income.