Deal would boost Tropical Financial’s assets and add new members
MIRAMAR, Fla. – (March 15, 2017) – 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-basedfinancial cooperative, will be the surviving institution. When the transaction is finalized, Financial Federal’s members would automatically become Tropical Financial members. Tropical Financial’s assets would then exceed $700 million and it would serve more than 60,000 members.
“Tropical Financial is pleased to welcome Financial Federal members,” said Richard Helber, President/CEO. “By combining the two institutions, both memberships will benefit from higher savings rates, lower loan rates and lower service fees that are the hallmark of our cooperative structure.”
“Financial Federal Credit Union has a long tradition of innovation and service,” said Craig Woischwill, chairman. “By joining with Tropical Financial, we will greatly enhance our members’ access to new electronic services while maintaining high service standards.”
Both non-profit institutions offer a host of checking and savings products, mortgages, auto and consumer loans and money management services. They also provide online and mobile banking as well as shared branches.
Tropical Financial has approximately $650 million in assets and 54,000 members who live or work in Miami-Dade, Broward, Palm Beach, and six other Southeastern Florida counties. Financial Federal has approximately $50 million in assets and its 6,500 members are primarily Macy’s, Miami Herald and Office Depot employees in South Florida and New York, and Kansas City Star employees in Kansas City, Missouri.
The merger must be approved by Financial Federal members and by credit union regulators. Helber expects the deal to close by mid-year.
About Tropical Financial Credit Union
Based in Miramar, Florida, Tropical Financial Credit Union is a not for-profit financial institution whose deposits are federally insured. Anyone who lives or works in Miami-Dade, Broward, Palm Beach, Martin, St. Lucie, Lee, Collier, Hendry and Sarasota counties is eligible to join. Tropical Financial Credit Union was formed in 1935 by employees of the former Southern Bell with just a few hundred dollars and has grown to over $650 million in assets. For more information, log on to www.tropicalfcu.com.