Financial Federal Credit Union signs intent to merge with Tropical Financial Credit Union.
The Boards of Tropical Financial Credit Union, one of South Florida’s largest credit unions, and Miami-based Financial Federal Credit Union have signed a letter of intent to merge. Tropical Financial, a Miramar-based financial cooperative, will be the surviving institution. Financial Federal has approximately $50 million in assets and 6,500 members. The merger must be approved by Financial Federal’s members. When finalized, Tropical Financial’s membership would then exceed 60,000 and assets would be approximately $700 million.