GAINESVILLE, Fla.—Credit unions mergers are being proposed in two states.

In Florida, two credit unions have announced plans to merge, creating an approximately $1 billion credit union.

The $855-million Radiant Credit Union in Gainesville, Fla. and $151-million First Coast Community Credit Union in Palatka, Fla., said they are looking to combine. The two CUs are approximately 60 miles apart in the central part of the state.

Radiant CU and First Coast said, pending member approval, they expect to receive regulatory approval by December.

Both credit unions are profitable. Radiant CU, which has approximately 49,000 members, posted year-end 2024 net income of $4.944 million and net worth of 9.02%. First Coast, which has approximately 12,000 members, posted net income of $374,489 as of March 31, with net worth of 12.69%.

‘Significant Milestone’

“This merger represents a significant milestone in our combined mission to help more of our members achieve financial success,” Tom Barnard, president and CEO of Radiant Credit Union, said in a statement. “By expanding our footprint and combining our resources, we can enhance the financial well-being of our overall membership while maintaining the personalized service and community commitment that define both organizations. We are thrilled to welcome First Coast Community Credit Union members and employees to the Radiant family.”

‘Common Vision’

Added Gretchen Lunsford, president and CEO of First Coast Community CU, in a statement, “Our two credit unions share a common vision—putting our members first and fostering strong local connections. This merger allows us to maintain the small-town, community-based credit union feel that our members love while benefiting from the additional resources and locations of Radiant. It’s truly a perfect fit.”

Merger Planned in Buckeye State

Separately, in Cincinnati, the $507.2-million Sharefax Credit Union and the $197.3-million Emery FCU said they are planning to combine. 

The resulting organization will have nine branch locations and approximately 125 employees. Sharefax CEO Todd Cain will lead the combined organization, which will serve approximately 44,000 members.

Only one of the two CUs had a profitable 2024. Sharefax CU closed 2024 with $1.1 million in net income and net worth of 9.96%, while Emery FCU posted a loss of $1.249 million, closing the year with net worth of 8.72%. 

Sharefax CU said it currently operates six branches in the northeast portion of the Greater Cincinnati area, and the three Emery branches will extend its geographic footprint into Liberty Township and Western Hills. It said Emery members will benefit from the additional branches, as well as an expanded ATM network and new services. 

‘Two Strong Credit Unions’

“This merger will bring together two strong credit unions who share long successful histories in the Greater Cincinnati community,” said Cain in a statement. “We share a vision of providing our members with great products and services, along with convenient banking options, and exceptional member service. This merger will give us the opportunity to continue to meet our members’ needs today and tomorrow.”

Emery Federal Credit Union was chartered in 1939 and has 40 employees. 

“Emery Federal Credit Union has a long tradition of strong financial performance and outstanding member service,” Emery CEO Doug Pohlman said in a statement. “We know this will continue to grow with Sharefax.”

The merger still requires a vote by Emery FCU members.