When two businesses in Florida merge or one company acquires another, many people may have questions about what to expect. For example, it is logical for employees at both companies to wonder if their jobs will be retained or how their job responsibilities may change. It is also understandable for clients or customers to want to learn about any changes to their services or the products that they purchase or use from one of the affected companies.
These are just some of the questions likely being asked right now in the central part of Florida as two credit unions there have announced their intention to merge. MIDFLORIDA Credit Union based in Lakeland is a $2.6 billion credit union seeking to acquire the smaller Martin Federal Credit Union based in Orlando. Martin Federal Credit Union is reported to have a worth of $120 million and includes four locations that serve almost 14,000 members.
The members of Martin Federal Credit Union are reported to be scheduled to vote on the proposed merger in February of 2017. Approval by both federal and state entities is also required in order for the transaction to be completed. Initial reports indicate that employees of Martin Federal Credit Union will continue to be employed after the merger is complete.
Companies looking to make changes including mergers and acquisitions may wish to discuss their strategic options with experienced legal counsel. This may offer important insights into decisions that can have many consequences to a business.
Source: Credit Union Times, “Credit Unions in Pennsylvania, Florida Announce New Merger,” Peter Strozniak, Nov. 18, 2016