The Boards of Directors and Management Teams of FLAG and Bay Credit Unions are excited to announce the opportunity to
combine forces as one organization. The result? We’ll both be stronger and better positioned to serve our members for
generations to come. The National Credit Union Administration and the Florida Office of Financial Regulation have reviewed
and approved the proposed merger, subject to the vote of FLAG Credit Union’s membership.
Don’t worry, we’ll still be the same member-owned credit union you originally joined. The only immediate difference will be
that we’ll be known as FLAG Credit Union, a division of Bay Credit Union. Meanwhile, our team will be the same and our
elected board members will retain their board positions. Plus, your day-to-day services will see no interruption. As time goes
on, we will be able to leverage our combined strength to introduce better technology and enhanced services for all members.
Some of these improvements include:
Recently we sent a letter to each member that includes the Notice of Special Meeting for the merger vote. We encourage you to attend the Special Meeting and vote on the proposed merger. However, if you cannot attend the meeting, please complete the Ballot enclosed in the letter and return it by mail or deliver it to our Credit Union headquarters located 3115 Conner Boulevard, Tallahassee, FL 32311.
We hope you, like the FLAG Board of Directors, will support this proposed merger opportunity.We look forward to a successful vote and stronger future together!
The financial industry has been evolving at an accelerated pace for decades. Technology available to institutions, as well as the regulatory landscape, continues to develop rapidly and require substantial resources. In order to continue to provide the best products and services to our members, the FLAG Credit Union Board of Directors has decided to merge with another Credit Union. After careful evaluation, the Board determined the values of Bay Credit Union were closely aligned with FLAG Credit Union and could assist us with providing an elevated level of service to all our 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.
When the partnership is complete, members will have access to FLAG Credit Union’s existing location as well as to the four Bay Credit Union locations in Panama City, Panama City Beach, Callaway, and Lynn Haven.
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: Who is Bay Credit Union?
A: Bay Credit Union was originally chartered in 1952 to provide low-cost financial services to the employees of the International Paper Mill in Panama City, FL. The credit union has since grown to serve those who live or work in Bay, Gulf, Jackson, Walton or Washington counties in Florida. Their mission is “To provide the best possible financial and depository services to meet the members' needs, promote growth and stability, and enhance our community image.” Bay Credit Union currently has four branch locations and provides full service financial products and services to nearly 8,000 members.
Q: What are the benefits of this merger?
A: Some immediate benefits include:
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.