VyStar completes acquisition of 121 Financial (Courtesy of the Jacksonville Daily Record) — VyStar Credit Union announced March 1 it has completed its merger agreement with 121 Financial Credit Union, both based in Jacksonville.
As of March 1, the news release said, 121 Financial is operating as a division of VyStar Credit Union.
In the fall, all 121 Financial accounts will be converted to VyStar accounts. Until then, 121 Financial members will continue to visit 121 Financial branches, use 121 Financial Online Banking or call the 121 Financial contact center.
The transaction was completed following standard closing conditions, a positive 121 member vote and regulatory agency approval, the release said.
“We are delighted that our two Jacksonville hometown credit unions have come together to serve our members and our community,” said VyStar President and CEO Brian Wolfburg.
“We are committed to continuing the legacy of 121 Financial by offering member-centric service, best-in-class products and increased access to financial services in Florida and Georgia.”
The release said 121 Financial has served Northeast Florida residents since 1935 and has about 50,000 members and $709 million in assets.
It said 121 Financial was founded during the Great Depression as Florida Telco Credit Union and was one of the first credit unions in the United States.
David Marovich has been president and CEO of 121 Financial Credit Union for more than four years “and has spent over 17 years serving our community at 121 Financial,” Wolfburg said in the release.
Last year, VyStar opened six new branches, including the first in Metro Atlanta. It plans to open three additional branches in Georgia and three branches in Florida this year.
VyStar said it is the second-largest credit union headquartered in Florida, with more than 80 branches and now serves more than 975,000 members with assets of more than $14 billion.
It said it is the largest mortgage lender in Northeast Florida and has more than 2,500 employees. Membership is open to everyone who lives or works in the 49 contiguous counties of Central to North Florida, 29 Georgia counties, and past and present military members and their families worldwide.