VyStar agrees to merge with First Coast Federal Credit Union

First Coast Federal has one office and about 1,700 members in Jacksonville.

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  • | 6:10 p.m. April 11, 2022
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VyStar Credit Union announced April 11 it agreed to merge with First Coast Federal Credit Union, a small Jacksonville credit union that serves workers in select employee groups and their families.

Jacksonville-based VyStar is the 14th-largest credit union in the country with $12 billion in assets and more than 800,000 members.

First Coast Federal has one office at 3040 Edison Ave. on the Westside and has $11.2 million in assets and about 1,700 members.

All First Coast Federal employees will be offered jobs at VyStar.

“As a growing credit union, VyStar continues to look for strategic partnerships that strengthen our ability to serve more members and support the places we call home,” VyStar CEO Brian Wolfburg said in a news release.

VyStar cited its 2019 acquisition of Citizens State Bank in Perry in the release as an example of its growth strategy.

However, it did not mention its March 31, 2021, agreement to buy Jonesboro, Georgia-based Heritage Southeast Bancorporation Inc.

VyStar has been waiting for more than a year for federal and state regulators to rule on its merger application amid opposition from commercial banks to credit union purchases of banks.