VyStar buys 121

[landfall]

I looked at 121's eight locations and only a couple seemed to even fill any sort of gap in VyStar's branch network, so it basically screams of a play to buy back lost members following the online outage issues last year.

https://www.jaxdailyrecord.com/news/2023/apr/20/vystar-credit-union-merging-with-121-financial-credit-union/

[Jagsdrew]

Don't see it that way, Vystar's strategy is to keep growing and acquiring smaller CUs for their portfolio. While this acquisiton is Jax specific, they are really trying growing beyond Jax and Florida and position the company to be a top 10 Credit Union in the country.

[jaxlongtimer]

^ It is about creating benefits from scale.   They are after adding the members and deposits and eliminating all the overhead that went with them... the #1 basis for most mergers in any industry nowadays.

In today's world, most branch locations, given the growth of Internet banking, are an albatross anyway.  Just look at how many bank branches have been closed over the last few years.

[Houseboat Mike]

^ It is about creating benefits from scale.   They are after adding the members and deposits and eliminating all the overhead that went with them... the #1 basis for most mergers in any industry nowadays.

In today's world, most branch locations, given the growth of Internet banking, are an albatross anyway.  Just look at how many bank branches have been closed over the last few years.

Yup. Wouldn't surprise me in the least if they wind up buying what is the remnants of EverBank, now that TIAA has gutted it.

[Steve]

^ It is about creating benefits from scale.   They are after adding the members and deposits and eliminating all the overhead that went with them... the #1 basis for most mergers in any industry nowadays.

In today's world, most branch locations, given the growth of Internet banking, are an albatross anyway.  Just look at how many bank branches have been closed over the last few years.

Yup. Wouldn't surprise me in the least if they wind up buying what is the remnants of EverBank, now that TIAA has gutted it.

Unlikely - Last time VyStar tried to buy a Bank (as opposed to a Credit Union) it got shot down by regulators.