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The financial industry has been evolving at an accelerated pace for decades. The technology available to institutions, as well as the regulatory landscape, continues to develop rapidly and requires substantial resources. After careful evaluation, the FLAG Credit Union Board of Directors determined the values of Bay Credit Union were closely aligned with FLAG Credit Union and could assist with providing an elevated level of service to their 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.
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: 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.
Since completing our core conversion, Bay CU has introduced several new technology improvements and more are on the way! Some of these upgrades include:
Free credit monitoring through Credit Sense - Simply login to online banking and click on the Credit Sense image to view and monitor your TransUnion credit report, get recommendations on how to improve your credit, and even dispute erroneous information.
Bill Pay now available in our mobile app - Now you can manage all your bill payments right from your phone.
Faster PopMoney transfers within Bill Pay - Person-to-person transfers through PopMoney now offer a speedier option through online Bill Pay.
Email receipts - A great way to keep track of your visits without holding on to paper receipts.
Faster transactions at the teller line - Spend less time in line as we get you in and out faster.
Mobile wallet - We are excited to continue improving our technology to meet the growing needs of our members and will keep you up to date with enhancements as they are released.
We are excited to continue improving our technology to meet the growing needs of our members and will keep you up to date with enhancements as they are released.