JACKSONVILLE, Fla. – Members of 121 Financial Credit Union voted at a special meeting Friday to approve a proposed merger with VyStar Credit Union.
The merger, which was first announced last April, will become effective on March 1, and 121 Financial will operate as a division of VyStar.
According to 121 Financial, operations will continue as normal through the summer months and all existing 121 Financial employees will become VyStar employees.
There are 75 VyStar branches and seven 121 Financial Credit Union branches in Jacksonville and most of the people who were at the locations on Tuesday said they don’t have a lot of concerns about the merger, but there are those who are worried.
Kenny Raley was at the 121 Financial Credit Union on Tuesday to take care of some business. He’s a member of both credit unions and said they should stay separated.
One online group that is opposed to the merger is considering legal action. The group “STOP the Merger” said it has not been given access to the vote count and believes it should be public.
But the majority of people News4JAX spoke to at the 121 on Tuesday said they have no problems with the merger and believe it will be a benefit, despite the online banking issues VyStar had in 2022.
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“I don’t see it, changing my banking at all,” said 121 member Jim Echols. “I’ve got family members with VyStar that do not have any issues. I’ve been with one two one forever, so I have no problem whatsoever.”
Representatives from VyStar and 121 were not available for an interview on Tuesday.
The banks said employees won’t lose jobs and there are no decisions on branch closings.
121 Financial Credit Union, which was formerly Florida Telco Credit Union, was founded in 1935. The name was changed in 2010. It’s still not clear if 121 Financial Ballpark, home of the Jacksonville Jumbo Shrimp, will change its name following the merger.
“We want to express our gratitude to all members of 121 Financial Credit Union, our partners, and the Jacksonville community for placing their trust and confidence in us for the last 89 years,” said David Marovich, 121 Financial Credit Union President and CEO. “As we embark on this next chapter, we reflect on the impact and meaningful contributions we have had on Northeast Florida. We are excited for the future with VyStar and look forward to creating a long-lasting impact together.”
For more information on the merger, visit vystarcu.org/121financial.