I am pleased to announce your Board of Directors has entered into an agreement to merge with MIDFLORIDA Credit Union, headquartered in Lakeland, Florida. The Board of Directors arrived at this decision after consideration of MIDFLORIDA's organizational and operational structure. It was determined the products and services offered by MIDFLORIDA would be extremely advantageous to Bay Gulf's members. Thus, a merger proposal was unanimously approved.

MIDFLORIDA was established in 1954 as Polk County Teachers Credit Union. The name changed to MIDFLORIDA in 1977 to better represent the membership they serve. With their 25 branches they serve 128,000 members in Polk, Highlands, Hardee, Okeechobee and DeSoto counties. Combining the 8 branches and 20,000 members Bay Gulf serves in Hillsborough, Pasco and Pinellas counties, will make MIDFLORIDA one of the most formidable credit unions in the region. MIDFLORIDA has assets of $1.4 billion, is well capitalized with a Net Worth of $130 million and a 9.33% Net Worth Ratio. MIDFLORIDA has remained fiscally strong during this economic downturn and is seeking to expand into the West Central area of Florida.

 

In the coming weeks Bay Gulf and MIDFLORIDA will be working diligently through the merger process with our State and Federal Regulators. Please be assured as this process moves along your deposits remain fully insured through the NCUA Share Insurance Fund and it is business as usual at both Bay Gulf and MIDFLORIDA Credit Unions.

 

Considering all of the above, the combination of MIDFLORIDA and Bay Gulf will result in a financially strong credit union offering the best of financial products and services.

 

Sincerely,

 

Robert F. Krasnicki

Chairman of the Board

Bay Gulf Credit Union