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JACKSONVILLE, Fla., June 28, 2023 (GLOBE NEWSWIRE) Groundwork Jacksonville and Swisher, a family-owned company headquartered in Jacksonville, Florida,.
The credit union that became VyStar needed 43 years to get its first billion dollars in assets back in 1995.
The latest billion apparently accumulated since New Year’s Eve, after the lender stopped trying to slow its growth and delay the added regulations placed on credit unions whose assets exceed $10 billion.
That was before the business announced an agreement March 31 to acquire Georgia-based Heritage Southeast Bank, its 22 branches and another $1.5 billion in assets.
The deal will probably take until late summer to finalize, but the organization that started in 1952 as the 12-member Jax Navy Federal Credit Union inside a barracks-like building at Naval Air Station Jacksonville was already making preparations for new branches in Tallahassee, the Orlando area and Titusville.