Tuesday, August 19, 2014

Florida Regulator Approves CU's Purchase of Branch and Assumption of Deposits

The Florida Office of Financial Regulation approved Florida Central Credit Union’s application to purchase the Cattleman Road Branch in Sarasota (FL) of First Federal Bank of Florida, as well as buy certain assets and assume certain liabilities from First Federal Bank of Florida.

According to the order, existing depositors of First Federal Bank of Florida’s Cattleman Road Branch must be given a notice to opt-in. The notification requests each depositor to decide whether they agree to move their account to Florida Central or remain with First Federal upon consummation of the transaction.

First Federal depositors will have the option to move their accounts to Florida Central either by mail, electronically or by facsimile.

According to the Summary of Deposit data, the Cattleman Road branch had slightly more than $14.9 million in deposits as of June 2013.

The transaction must still be approved by NCUA.

Read the order.
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