Combining efforts with another business can be an effective means of sustaining growth or even staying in business for some Florida companies. Many mergers or acquisitions are jointly sought by both parties while others are initiated by one entity. In some cases, shareholders or those with interests in one business may not even want to merge but the venture may still go through.
A merger or acquisition can happen in virtually any industry. The financial services industry is just one example. Florida residents in 26 counties will be experiencing the combining of two credit unions. By the end of the 2016 fiscal year, First Florida credit union and Florida Baptist credit union will become one. The new name of the combined institution is not known at this time. In addition to serving residents in the various counties, the merged credit union will serve state employees and those who work for Baptist churches in Florida. Immediate relatives are also able to use the services of the new credit union.
Among the counties in which the new financial institution will be present are the populated Orange, Palm Beach and Miami-Dade counties. The merger is expected to help extend the reach of the unions and give them the ability to serve more people.
Business owners who are interested in merging with other companies may want to discuss their ideas with an attorney before proceeding. Learning what is involved in such a transaction can be important in protecting a business' interests.
Source: Tallahassee Democrat, "Florida Baptist and First Florida credit unions merge", TaMaryn Waters, June 10, 2016