For Immediate Release
Thursday, January 2, 2014
Tallahassee - The Florida Office of Financial Regulation (OFR) is pleased to announce that the Suncoast Credit Union converted from Suncoast Schools Federal Credit Union and commenced business as a Florida state-charted credit union effective at 11:59 pm on December 31, 2013. With $5.5 billion in assets, Suncoast Credit Union becomes the largest financial institution regulated by the State of Florida.
“We are excited that Suncoast Credit Union has decided to become a state-chartered financial institution. The OFR will continue to work diligently to facilitate the growth of Florida’s economy with smart, efficient and effective regulation of the financial services industry,” said OFR Commissioner Drew J. Breakspear.
Suncoast Credit Union is located in Tampa, Florida and currently serves approximately 565,000 members. Upon conversion, the field of membership for Suncoast Credit Union will include Charlotte, Citrus, Collier, DeSoto, Glades, Hardee, Hendry, Hernando, Highlands, Hillsborough, Lee, Levy, Manatee, Pasco, Pinellas, Sarasota and Sumter counties.
Suncoast Credit Union joins 71 other state-charted credit unions that are regulated by the State of Florida. By converting to a state-charted credit union, Suncoast Credit Union will benefit from the unique advantages the State of Florida offers to state-charted institutions including lower costs and access to regulators with knowledge of Florida markets who are responsive to changes in local economies. Regulators from the OFR are able to evaluate local conditions and needs without having to transfer responsibility to other districts or authorities.
Through the OFR, state-chartered financial institutions are licensed, examined and regulated to ensure that private funds deposited in Florida’s state-chartered financial institutions are protected from potential loss due to failure or insolvency. To learn more about the OFR and the advantages of being a Florida state-chartered institution, visit the OFR website, www.FLOFR.com
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