Achieva Credit Union Announces Acquisition Plans

Dunedin FL

24 November, 2020

10:00 AM

Description

DUNEDIN, FL — Achieva Credit Union announced a definitive agreement to merge with Tampa-based Coast 2 Coast Financial Credit Union, gaining 1,900 new members in the process. Terms were not disclosed for the merger, which has been approved by the Achieva and Coast 2 Coast boards of directors. After gaining approval from the National Credit Union Administration and the Florida Office of Financial Regulation, Coast 2 Coast is expected to ask its members for final approval in early 2021. The Coast 2 Coast office in the Sabal Park area will become an Achieva branch, with membership available to anyone who lives or works in Hillsborough County. Coast 2 Coast, which has approximately $24 million in assets, has members throughout the Tampa Bay region extending south to Naples and as far north as Georgia. Nearly half of Coast 2 Coast membership is comprised of Teamster Union members and United Parcel Service (UPS) employees in Georgia and Florida. The remaining Coast 2 Coast membership largely consists of other employer groups, residents of Hillsborough and surrounding counties and their immediate family members. "We at Coast 2 Coast are very pleased to be joining Achieva," said Bruce Koehler, interim president and CEO of Coast 2 Coast. "The strength of Achieva's operations and the quality of its marketing will help in gaining more members in one of the fastest-growing workforce groups in the U.S – trucking and distribution." "We will be excited to welcome Coast 2 Coast's members and employees to Achieva," said Achieva President and CEO Gary Regoli. "The merger creates an opportunity for us to grow our presence in the Hillsborough County market, and the distribution industry is a promising niche for us." The merger marks Achieva's fourth acquisition in the past 10 years. In 2018, Achieva acquired Preferred Community Bank, establishing Achieva's presence in Lee County, and in 2015, the credit union acquired Calusa Bank, expanding Achieva into Charlotte County. In 2010, Achieva consolidated with Sarasota Coastal Credit Union, growing Achieva's presence in Sarasota and Charlotte counties.