MERRITT ISLAND, Fla. — Launch Credit Union members have approved a merger with Suncoast Credit Union, clearing the way for the two Florida credit unions to combine Sept. 1 and create an organization with more than 1.5 million members and approximately $22 billion in assets that will reach from the state’s East Coast to its West Coast.
Nearly 80% of Launch members who participated during a 45-day voting period supported the merger, according to Launch Credit Union.
The transaction previously received approval from the boards of both credit unions and the National Credit Union Administration.
The combined credit union will operate under the Suncoast Credit Union name, significantly expanding Tampa-based Suncoast’s presence along Florida’s Space Coast.
Launch, headquartered in Merritt Island and chartered to serve the space industry, has more than 86,000 members, more than $1.4 billion in assets and 17 branches across Brevard and Volusia counties.
Suncoast has more than 1.4 million members, $20.9 billion in assets and 81 full-service branches. It is the seventh-largest U.S. credit union by membership and 10th-largest by assets, according to Launch.
Integration to Continue Through 2027
Although the merger becomes legally effective Sept. 1, Launch members will not immediately see changes to their accounts, branches or digital services.
Launch will operate as “Launch, a Branch of Suncoast Credit Union” while the credit unions integrate their systems and operations, a process expected to continue until summer 2027.
Until the integration is completed, members of both credit unions should continue using their existing branches, online banking platforms and member-service channels, Launch said.
The credit unions said:
- No branches will close as a result of the merger.
- The combination will not result in job losses.
- Employees are expected to have additional career opportunities within the larger organization.
- Launch members will continue using existing services during the integration period.
Suncoast President and CEO Kevin Johnson will lead the combined organization. Launch CEO Joe Mirachi plans to retire following the merger, according to Launch.
Up to $15 Million Special Dividend
Launch members also could receive a portion of a special dividend totaling as much as $15 million.
The dividend will be distributed to qualifying accounts before the merger takes effect, Launch said. The announcement did not specify eligibility requirements or the amounts individual members could receive.
The combined organization also plans to invest $5 million in nonprofit organizations and school districts across Florida’s Space Coast.
Suncoast traces its history to 1934, when it was established as Hillsborough County Teachers Credit Union. Its membership eligibility now includes people who live, work or attend school across Florida, as well as public school teachers, college educators and education support employees throughout the state.
Launch was founded in 1963 and today serves people who live, work, worship or attend school in Brevard or Volusia counties.
