MidFlorida Credit Union, founded in 1954, is a credit union based in Lakeland, Florida. MidFlorida has 49 locations throughout the state of Florida, 318,457 members and $3.49 billion in assets as of March 31st, 2019, making MidFlorida the fourth-largest credit union in the state of Florida. MidFlorida Credit Union is regulated by the National Credit Union Administration 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.
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 and expanded services to all or part of 14 Florida counties.
Near the end of 2011, MidFlorida Credit Union and Space Coast Credit Union announced that MidFlorida would acquire 6 Tampa-area branches from Space Coast, based in Melbourne, Florida. This acquisition added 16,000 members to MidFlorida for a total of 35,000 members and 14 branches in Hillsborough, Pasco and Pinellas counties.
In 2012, MidFlorida Credit Union merged with Indian River Federal Credit Union, based in Vero Beach, Florida. 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. These conversions expanded MIDFLORIDA’s ability to provide services across the state, from the Tampa Bay market to the Treasure Coast.
May 3rd, 2019, MidFlorida Credit Union announced two mergers, one with Ocala, Florida based bank Community Bank & Trust and another with First American Bank. MidFlorida will acquire all assets of Community Bank & Trust while only acquiring the Florida Assets for First American Bank. MidFlorida estimates, when finalized around the end of 2019, the combined entity will boast $4 billion in assets, $3.0 billion in loans, 1,100 employees and 63 full-service branches. The merger with Community Bank & Trust will be the largest bank merger with a credit union in History.
