VERO BEACH, Fla.–The acquisition of a Florida-based bank by a Michigan-based credit union has been delayed due to staffing cuts at NCUA, according to a new report.
The $1.6-billion, Grand Blanc, Mich.-based ELGA Credit Union announced in 2024 it was acquiring the $650-million Marine Bank in Vero Beach, Fla. with plans to close the deal this year. But that will now be pushed back to 2026, according to Vero News.
The bank’s president, Bill Penney, said the all-cash acquisition of Marine Bancorp of Florida (ELGA CU paid $43.75 per share) won’t be finalized until next March or April due to the staffing cuts the Trump administration has ordered at NCUA.
As the CU Daily has reported, approximately 20% of NCUA’s staff have taken buyouts or retired early as a result of the DOGE-ordered reductions.
‘Prioritizing Core Mission’
With many more departures expected in the coming weeks and months, NCUA Executive Director Larry Fazio said the agency is “prioritizing actions that ensure we are able to continue successfully performing our core mission” of ensuring the safety and soundness of credit unions, Vero News reported.
Penney told the Vero News that when Marine and ELGA are combined, it will be “a really good combination for our customers, our employees and our community” because the two entities are so different.
Branch Network in Florida
When completed, the acquisition will give ELGA CU seven branches in the Vero Beach market. Following the close of the transaction, Penney will remain as Florida market president and retain local decision-making authority over banking centers in the communities Marine Bank currently serves,” according to ELGA.
