VyStar to absorb smaller CU in its headquarters city

VyStar Credit Union in Jacksonville, Fla., which is still waiting on regulatory approval to buy a bank, has signed an agreement to merge with First Coast Federal Credit Union in Jacksonville. 

The $12 billion-asset VyStar said in a press release Monday that it will absorb the $11.2 million-asset First Coast. VyStar has 800,000 members, while First Coast has 1,700. 

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

First Coast “has a long history of exceptional service in northeast Florida, and we look forward to honoring their legacy by welcoming their employees and members to our organization,” Wolfburg added.

The transaction is expected to close later this year. 

VyStar was advised by Nelson Mullins Riley & Scarborough. First Coast was advised by Rolfe & Lobello.

VyStar has repeatedly pushed back the closing date for its pending purchase of Heritage Southeast Bank in Jonesboro, Ga. The deal, if completed, would be the biggest credit union purchase of a bank.