Two South Florida credit unions have completed their merger. Financial Federal Credit Union is now part of Tropical Financial Credit Union.
The deal was sealed with the vote of Miami-based Financial Federal’s 6,500-person membership and became effective Sept. 1. Boards from both credit unions agreed to the deal earlier this year.
The merger boosts Miramar-based Tropical Financial’s assets to over $700 million and its membership to more than 60,000. Financial Federal board member Joe Oglesby will be part of Tropical Financial’s volunteer board of directors.
Before the merger, Tropical Financial had about $650 million in assets and 54,000 members who live or work in Miami-Dade, Broward, Palm Beach and six other Southern Florida counties. Financial Federal had about $50 million in assets and 6,500 members who are primarily employees from Macy’s, the Miami Herald, Kansas City Star and Office Depot. Tropical Financial offers checking and savings products, mortgages, auto and consumer loans and money management services.