The financial industry has been evolving at an accelerated pace for decades. The technology available to institutions, as well as the regulatory landscape, continues to develop rapidly and requires substantial resources. After careful evaluation, the FLAG Credit Union Board of Directors determined the values of Bay Credit Union were closely aligned with FLAG Credit Union and could assist with providing an elevated level of service to their members. Therefore, the Boards and management teams of FLAG Credit Union and Bay Credit Union are proud to announce they are pursuing a partnership agreement.
FAQs
Q: Why are Bay CU and FLAG CU merging?
A: We are joining forces to provide more branch access, enhanced technology, and additional financial resources to strengthen us long-term and ensure we’re here for generations to come.
Q: When will the merger happen?
A: The tentative merger effective date will be April 1, 2022, and is pending regulatory approval and a membership vote.
Q: Who will be the President/CEO?
A: The President/CEO of the credit union will remain Bay Credit Union President/CEO Mike Akers. Before joining Bay Credit Union, Akers was previously the President/CEO of FLAG Credit Union and led the FLAG team to achieve the Credit Union of the Year recognition in 2019. The current FLAG CU Interim CEO Amy Green will serve the combined credit union as the VP of Finance.
Q: Who will be on the Board after the merger?
A: Both the Bay and FLAG Credit Union board members will remain in their positions to provide the same strategic guidance they do today!
Q: What will happen to the employees of FLAG Credit Union?
A: All employees of FLAG Credit Union will become employees of Bay Credit Union and remain in their similar roles to serve our members’ financial needs.
Q: What will the combined credit union be called?
A: Our Tallahassee operation will continue to be called FLAG Credit Union. You will, however, see our branch and website updated to reflect our new relationship as “FLAG Credit Union, a division of Bay Credit Union.”
Q: How large will the combined credit union be?
A: The combined credit union will be approximately $175 million in assets with approximately 14,000 members.
