Suncoast Credit Union

Suncoast Credit Union is a credit union headquartered in Tampa, Florida. The credit union formed in 1934 to originally serve teachers in Hillsborough County and later expanded to serve school employees within the state's suncoast region. Since December 2013, the credit union is open to anyone who lives, works, attends school, or worships in the 39 counties which the credit union serves.[3][4] As of June 2022, Suncoast has $14.96 billion in assets and more than 1 million members.[1][5]

Suncoast Credit Union
Formerly
  • Hillsborough County Teachers Credit Union
    (1934–1976)
  • Suncoast Schools Federal Credit Union
    (1976–2013)
TypeCredit union
IndustryFinancial services
FoundedJanuary 31, 1934; 89 years ago (1934-01-31)
Headquarters,
United States
Number of locations
74 branch banks (2022)
Area served
Florida
Key people
  • Kevin Johnson (president and CEO)
  • Julie Renderos (EVP and CFO)
Services
Total assetsIncrease US$14.96 billion[1] (2021)
Total equityIncrease US$1.23 billion[1] (2021)
Number of employees
2,063[2] (2022)
Websitesuncoastcreditunion.com

HistoryEdit

The credit union began as Hillsborough County Teachers Credit Union on January 31, 1934, with the intention to help teachers working in Hillsborough County. The credit union amended its charter in 1953 to open membership to teachers in the nearby Citrus, DeSoto, Hardee, Hernando, and Pasco counties. By 1960, membership was opened to Charlotte, Levy, Manatee, and Sumter counties as well as to all employees of schools in counties their charter extended to. To reflect its changed field of membership, the credit union changed its name to Suncoast Schools Credit Union in 1975. In 1978, it converted to a federal charter and changed its name again to Suncoast Schools Federal Credit Union. In December 2013, the credit union obtained a state charter and changed its name to Suncoast Credit Union.[5]

In December 2019, the credit union was in the process of purchasing Apollo Bank which was expected to be completed by May 2020.[6] However, the purchase was withdrawn as a result of the COVID-19 pandemic. The purchase would have been Florida's largest-ever bank acquisition by a credit union.[7]

Suncoast Credit Union reached one million members in December 2021, becoming the 10th credit union to reach one million members.[8]

ReferencesEdit

  1. ^ a b c "2021 Annual Report" (PDF). Suncoast Credit Union. Retrieved June 3, 2022 – via Issuu.
  2. ^ "Suncoast Credit Union Financial Reports". iBanknet. Retrieved June 3, 2022.
  3. ^ Manning, Margie (February 5, 2014). "New name, new logo and new growth at Suncoast Credit Union". Tampa Bay Business Journal. Retrieved May 31, 2019.
  4. ^ "Membership Eligibility". Suncoast Credit Union. Retrieved May 31, 2019.
  5. ^ a b "The Suncoast Difference". Suncoast Credit Union. Retrieved September 16, 2021.
  6. ^ "Credit union gets bigger — and dismantles more of the community bank model". Business Observer. December 20, 2019. Retrieved September 16, 2021.
  7. ^ Portero, Ashley (February 11, 2021). "How Apollo Bank is reinventing itself in the wake of a canceled merger". Biz Journals. Retrieved September 16, 2021.
  8. ^ DuPlessis, Jim (January 11, 2022). "Suncoast CU Surpasses One Million Members". CreditUnionTimes (Digital). ALM Global, LLC. Retrieved April 5, 2022.