121 Financial and Duval Federal merger approved
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- Colleen Michele Jones
- Reporter- Jacksonville Business Journal
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The proposed merger between 121 Financial Credit Union and Duval Federal Credit Union has been approved by the state Office of Financial Regulation.
The application of the two Jacksonville-based institutions was given the go-ahead by the state agency in late October. The next step in 121 Financial Credit Union's acquisition of Duval Federal Credit Union is a vote by the Duval Federal membership.
Under the terms of the agreement, Duval Federal will be merged under the 121 Financial Credit Union name and will add four branches, 6,300 members and about $51 million in assets to 121, which has eight regional branches, 39,100 members and approximately $448 million in assets.
No layoffs at either instituion are planned, and the reorganization is expected to begin by early December.
Colleen covers finance, technology, sports business and health care
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