Members of the SunState Federal Credit Union have voted to convert the credit union from a state to a state-recognized credit union.
The Gainesville, Fla.-based credit union ($570 million in assets and nearly 40,000 members) will serve as the state-approved credit union of the North Central Florida region on Jan. 4, 2021, according to an announcement Friday. The credit union announced it would change its name to Radiant Credit Union.
Cynthia Brochu, CEO of SunState/Radiant, said, “The new charter and name embodies our mission and purpose while communicating the fact that everyone is welcome to join the credit union. As Radiant Credit Union, we will continue our legacy of serving North Central Florida by enriching the lives of our members.”
sunny state has been around for more than 60 years and has already undergone charter conversions. SunState, which began as the Florida USDA Federal Credit Union in 1957, transitioned from an occupation-based federal charter to a community-based charter in 1999, according to a press release.
A statement from the credit union said, “The new state charter gives the credit union more flexibility to expand service beyond the markets it currently serves and positions Radiant to realize greater efficiencies and economies of scale. These advantages will allow Radiant Credit Union to continue to offer competitive interest rates on savings and loans while continually improving its technology and service offerings.”
Tom Barnard, President/CEO said, “Radiant as a name is all about our membership and the areas we serve.” He added, “Becoming Radiant Credit Union is just the beginning of our transformation as we have already started to refresh stores, improve our website, introduce new technologies, services and more. All of this reflects our ongoing commitment to meet the evolving needs of our members and our communities.”
this is that second conversion to a state-approved credit union announced last month. In November, the NCUA approved the change of the Tri Valley Service Federal Credit Union to a community charter.
Pittsburgh-headquartered Tri Valley Service ($16 million in assets and nearly 4,000 members) said at the time that its charter amendment would greatly improve the credit union’s ability to serve a growing number of people, “particularly those people who have no or have no bank.”