Jacksonville-based VyStar Credit Union said April 20 it is merging with another Jacksonville institution, 121 Financial Credit Union.
VyStar, the 13th largest credit union in the country, has 68 offices in North Florida and Southeast Georgia, according to its annual report, while 121 Financial has eight branches, all in the Jacksonville metropolitan area.
121 Financial was founded in 1935 as Florida Telco Credit Union. It took on the 121 Financial name in 2010.
“We have proudly served Northeast Florida for generations, and we are confident that our partnership with VyStar will strengthen these efforts,” 121 Financial CEO David Marovich said in a news release.
The release said 121 Financial has more than 49,000 members and nearly $680 million in assets. VyStar said the merger will give it assets of more than $14 billion and more than 920,000 members.
All 121 Financial members and its 140 employees will be invited to join VyStar.
“We look forward to welcoming their employees and members to VyStar and working together to build on their many contributions to Northeast Florida,” VyStar CEO Brian Wolfburg said in the release.
In 2020, the credit union became the naming rights sponsor of the Jacksonville Jumbo Shrimp’s baseball park at the Downtown sports complex, 121 Financial Ballpark.
VyStar is the naming rights sponsor of VyStar Veterans Memorial Arena across the street from the ballpark.
The credit unions did not announce if VyStar will also take over the ballpark naming rights.
“121 Financial Credit Union has a proven history as a mission-oriented credit union, which aligns with our organization’s commitment to improving the places we call home,” Wolfburg said.