Exciting News – Better Together!
The Board of Directors and Leadership Team of Launch Credit Union are excited to announce plans to merge with Community Credit Union of Florida. This partnership represents a member-focused effort that would allow the combined organization to enhance the credit union’s commitment to greater access and convenience, more member value and a larger community presence throughout Florida.
This merger represents a strategic partnership between two forward-thinking Florida credit unions committed to members, employees, and the communities we serve. The board of directors who represent the members are confident that by merging with Community Credit Union of Florida we can better serve our membership together. This merger would allow the combined credit union to enhance what it offers members, such as access to more branch locations, the ability to expand product and service offerings, as well as continuing to invest in new technologies to improve how members do business with us.
The combined credit union would employ over 470 people and serve approximately 143,000 members with 22 branches throughout Brevard and Volusia counties. With a competitive physical presence and our combined resources, we’ll be able to better serve our members and our communities.
As the merger process continues, Launch will keep members informed of progress, including sharing important notices, dates, and events. If you have any questions, please email memberquestions@launchcu.com.
Frequently Asked Questions
1. WHAT DOES THIS ANNOUNCEMENT MEAN?
This exciting announcement means that Launch Credit Union and Community Credit Union of Florida intend to merge, pending regulatory and membership approvals. This merger represents a strategic partnership between two forward-thinking, Florida credit unions, for the benefit of our members, employees, and the communities we serve.
2. WHY DOES THE BOARD OF DIRECTORS RECOMMEND THE MERGER?
The board of directors who represent the members are confident that merging with Community Credit Union and combining our two credit unions, provides the opportunity to achieve greater positive member, employee, and community impact and offers additional benefits to our members.
In this case, we are merging two credit unions with rich histories and deep roots to their communities that value their employees, care about their members’ well-being, and are committed to the communities they serve. The goal of both organizations is to build a combined entity that is stronger and more resilient so that we can maximize value for our members, employees, and the communities we serve.
In a rapidly evolving financial services industry, this merger would allow us to remain competitive and be more responsive to members' financial needs now and into the future.
3. DO BOTH CREDIT UNIONS SUPPORT THIS MERGER?
Absolutely. The boards and executive management teams of both credit unions are in favor of the proposed merger and are very excited about the growth and benefits it brings to our members, employees, and communities.
4. WHAT WOULD THIS PARTNERSHIP DO FOR THE CREDIT UNIONS?
Overall, our combined assets would be approximately $2.7 billion, serving more than 143,000 members with 22 branch locations in Florida. With our combined strengths in products, services, personnel, and technology, we could better serve our members and our communities. It’s important to add that while our new asset size is larger, our joint commitment and focus remain on providing the best value to our members, employees, and the communities we serve.
5. WHAT ARE THE ADVANTAGES OF BECOMING A LARGER CREDIT UNION?
Becoming a larger credit union would provide opportunities to leverage resources, position us for continued growth, and increase efficiencies. This would also allow us to provide even more value to members through greater access to expanded products and services along with robust evolving technologies, all while continuing our current impactful community presence in Florida counties.
6. WHY WAS COMMUNITY CREDIT UNION CHOSEN AS OUR MERGER PARTNER?
We wanted to find a partner that matches our passion, aligns closely with our mission, shares a dedication and loyalty to its membership and the communities it serves, and is similar in employee commitment. Both credit unions share a deep dedication to team members, members, and community, and share a common vision for the future of the combined credit union.
7. WHO IS COMMUNITY CREDIT UNION?
Community Credit Union is a member-owned, not-for-profit financial cooperative. It was formed under a state charter by a group of ten teachers back in 1953 in Titusville, Florida and was originally known as the Brevard County Teacher's Credit Union. Eight of the ten teachers signed a Certificate of Organization, and each of them subscribed to one share in the Credit Union (a total of $40). The efforts of the original shareholders formed the beginning of what would eventually become Community Credit Union. Today, Community Credit Union serves all residents of Brevard, Orange, Osceola, Polk, Volusia and Indian River counties.
The cooperative was formed to encourage savings by offering a stronger return on the members' savings than they could find elsewhere. The Credit Union then used those savings to make loans to other members at competitively low interest rates. This is still the basic concept of their operation.
Community Credit Union has maintained its strong financial stability even during economic downturns. They strive for a high level of operational efficiency in order to provide the maximum return to members.
8. HOW WOULD THIS MERGER BENEFIT MEMBERS?
The strategic merger between Launch Credit Union and Community Credit Union would provide the opportunity to achieve more positive member impact and value such as:
- Increased Member Access:
A larger branch footprint would allow us to have more impact on existing members. Further, through this partnership our field of membership would expand, and we would be able to serve more people and communities throughout Florida.
- Expanded Products/Services:
As a larger organization, we would achieve greater economies of scale which would allow us to offer more value to members in the form of a more robust product and service line, reduce costs, and increase community involvement.
- Enhanced Member Experience:
Through streamlined processes, expanded product and service offerings, and innovative digital solutions, we would enhance member satisfaction and loyalty. By leveraging the strengths of both credit unions and reducing our costs we would provide an unparalleled level of service and convenience to existing and future members.
- Community Impact:
As community-based financial institutions, we are committed to making a positive impact on the communities we serve. Through combined resources and expanded outreach programs, we would strengthen our ability to support local initiatives, promote financial literacy, and foster economic growth throughout our Launch counties.
- Stability and Security:
Combining our organizations positions us with greater financial strength and stability. By joining forces with Community Credit Union, we hope to create a stronger institution that will provide greater peace of mind and security for our members and their deposits.
- More responsive to evolving financial needs:
This partnership is a strategic decision aimed at ensuring the long-term sustainability and prosperity for both credit unions and would allow the credit union to better anticipate and meet the financial needs of members in a competitive financial services industry.
- Enhanced digital banking products:
This partnership would allow us to constantly assess and improve our technology solutions and make sure we are providing the best digital banking solutions we can for members now and into the future.
- More branch locations:
Together we will have 22 branch locations to serve members.
- Same knowledgeable, friendly employees:
The same friendly staff at our branches would continue to be available to serve members.
9. WHAT DOES “STRATEGIC” MERGER MEAN?
Both organizations believe by partnering we can better serve members, employees, and the community than we would as separate organizations. The goal of both organizations is to grow our membership, leverage best practices, and enhance our products and services, building a greater experience for employees and members.
Mergers are about expanding and organizing for efficiency. This means employees have greater opportunities for professional growth, designing process improvements, and benefiting from the organization’s growth in perks, incentives, and benefits, while ensuring they have more resources available to do their jobs.
10. HOW WOULD MY ACCOUNTS BE AFFECTED?
There would be no effect on your accounts or account numbers at this time. Eventually, we will combine our systems. As that time approaches, we will be sure to communicate important dates, changes, and next steps to ensure members can continue to conduct business with minimal disruption.
11. WOULD MY RATES CHANGE?
The rates on fixed-rate loans and certificates would remain the same until the end of their existing terms. Other products would adjust as normal due to market conditions.
12. WOULD MY ACCOUNTS CONTINUE TO BE INSURED?
Yes. Credit Union deposits would continue to be federally insured by the NCUA, meaning you have up to $250,000 in protection for an individual account. The NCUA provides separate insurance coverage for deposits held in different ownership categories such as individual accounts, joint tenancy accounts, Individual Retirement Accounts (IRAs), and trust accounts.
Information regarding NCUA insurance, and a calculator to help determine your coverage is available at www.mycreditunion.gov/estimator.
13. WOULD YOU CLOSE ANY LOCATIONS AS THE RESULT OF THE MERGER?
There are no plans for any branch or location closures.
14. WOULD I CONTINUE TO GET THE SAME SERVICE AND ATTENTION?
Yes. Both credit unions are committed to providing high levels of service for members and this would continue to be a focus for the combined credit union.
15. WHAT WOULD HAPPEN TO MY MEMBERSHIP?
You would continue to be a member of the combined credit union.
16. WOULD ANY EMPLOYEES LOSE THEIR JOBS AS THE RESULT OF THE MERGER?
No. Both credit unions recognize employees are integral to our success and recognize the importance of retaining talented and dedicated employees. We know a successful merger depends on retaining talent and leadership and will support our employees through this process.
17. HOW WOULD THIS MERGER BENEFIT CREDIT UNION EMPLOYEES?
As an organization grows, so does its workforce. We believe our ability to invest in the success of our people would expand their opportunities for professional growth and increase personal development.
18. WHAT WOULD THE NAME OF THE CREDIT UNION BE?
After the merger is completed, a thoughtful, independent, and expert analysis of the brand would be conducted to determine the name of the combined credit union.
19. WHO WOULD LEAD THE ORGANIZATION?
Joe Mirachi would be the CEO/President of the combined credit union.
20. WHAT IS THE MERGER TIMELINE?
The board of directors and CEO’s of both credit unions are in favor of the merger and are currently in the pre-agreement phase, meaning they are working through due diligence, negotiations, and charter and bylaw review. Once an agreement has been reached, an application will be filed with the regulators. Upon receipt of regulatory approval, there will be a member vote. The timeline for this is estimated to be spring of 2025. Upon all approvals, it is anticipated the merger’s legal effective date would be July 1, 2025, with systems integration extending into 2025/2026.
We know it is not typical for a merger to be announced while still in the pre-agreement stage, however, we believe strongly in the benefits of this merger and believe that being transparent with our employees and members to keep them involved and informed throughout this process is the right thing to do. This also means we do not have all the answers as the boards are working to ensure all details are carefully considered. As the merger process continues, Launch Credit Union will keep members informed of progress, including sharing important notices, dates, and events. If you have questions that haven’t been addressed in the frequently asked questions, please email Memberquestions@launchcu.com.