TAMPA, Florida — February 13, 2026
Executive Summary
Suncoast Credit Union and Launch Credit Union have announced their intent to merge, subject to regulatory approval and a membership vote by Launch Credit Union members. The proposed merger brings together two member-owned financial cooperatives serving communities throughout Florida and is designed to strengthen long-term service capabilities, financial stability, and community investment. If approved, the combined organization will operate under the Suncoast Credit Union name and will hold more than $21 billion in assets, serve approximately 1.4 million members, and employ nearly 3,000 individuals across 96 branches statewide. The merger is expected to become effective in late 2026, with operational integration extending into 2027.
Announcement Overview
Suncoast Credit Union and Launch Credit Union announced plans to merge in a strategic combination intended to enhance service delivery, expand geographic reach, and increase financial strength across Florida communities. The transaction remains subject to regulatory approval by the National Credit Union Administration and a vote of the Launch Credit Union membership.
According to both institutions, the decision reflects a forward-looking approach grounded in cooperative principles, long-term sustainability, and shared values. The proposed merger is structured to preserve member ownership, maintain local access to financial services, and protect employment across both organizations.
Upon completion, the combined credit union will operate under the Suncoast Credit Union brand. Leadership of the merged institution will be assumed by Kevin Johnson, current President and Chief Executive Officer of Suncoast Credit Union. Joe Mirachi, current President and Chief Executive Officer of Launch Credit Union, intends to retire following completion of the transaction.
Key Announcement Details
- Transaction Classification: Proposed statutory merger of two federally regulated, member-owned credit unions
- Merging Institutions: Suncoast Credit Union (continuing entity) and Launch Credit Union (merging entity)
- Regulatory Authority: National Credit Union Administration (NCUA)
- Required Approvals: NCUA regulatory approval and affirmative vote of Launch Credit Union membership
- Continuing Legal Entity Post-Merger: Suncoast Credit Union
- Post-Merger Brand Name: Suncoast Credit Union
- Projected Merger Effective Date: Late 2026
- Projected Full Systems and Operational Integration: Through calendar year 2027
- Combined Total Assets (Projected): In excess of $21 billion
- Combined Total Membership (Projected): Approximately 1.4 million members
- Combined Total Employees (Projected): Nearly 3,000 employees
- Combined Total Branch Network (Projected): 96 branches across Florida
- Suncoast Credit Union Assets (Pre-Merger): $19.2 billion
- Suncoast Credit Union Membership (Pre-Merger): More than 1.3 million members
- Suncoast Credit Union Branches (Pre-Merger): 79 full-service branches statewide
- Launch Credit Union Assets (Pre-Merger): More than $1.4 billion
- Launch Credit Union Membership (Pre-Merger): More than 86,000 members
- Launch Credit Union Branch Network (Pre-Merger): 17 branches across Brevard and Volusia counties
- Executive Leadership Post-Merger: Kevin Johnson to serve as President/Chief Executive Officer
- Executive Transition: Joe Mirachi to retire upon completion of the merger
- Employment Impact: No employee layoffs planned
- Branch Impact: No branch closures planned
- Member Impact: Launch members to become members of Suncoast Credit Union upon consummation of the merger
- Geographic Footprint Post-Merger: Statewide Florida presence
- Governance Structure: Continued cooperative, member-owned governance model under NCUA supervision
- Member Communications Commitment: Ongoing disclosures through official institutional communication channels during approval and integration process
Strategic Context and Cooperative Alignment
Both Suncoast Credit Union and Launch Credit Union operate as member-owned financial cooperatives governed under federal credit union regulations. According to the institutions, the merger is designed to reinforce cooperative principles while enhancing operational capacity and long-term financial resilience.
Credit unions differ from shareholder-owned banks in that they are structured to return value directly to members through competitive loan rates, deposit dividends, and community reinvestment. Both organizations cited decades of service to Florida communities and a shared commitment to maintaining member-centric governance as a foundation for the merger decision.
The combined institution is expected to benefit from economies of scale, expanded digital capabilities, broader product offerings, and enhanced capital resources. The institutions stated that the merger will allow for continued investment in technology infrastructure, cybersecurity, and service delivery models that support evolving member expectations.
Leadership Perspective
Kevin Johnson, President and Chief Executive Officer of Suncoast Credit Union, stated that the merger reflects a commitment to members, employees, and the communities served by both institutions. He noted that Suncoast and Launch share aligned values, financial strength, and a commitment to cooperative service.
Johnson stated that the combination is intended to ensure continued value delivery to current members while positioning the organization to serve future generations across Florida.
Joe Mirachi, President and Chief Executive Officer of Launch Credit Union, stated that Launch enters the merger from a position of financial strength and strategic stability. He described the transaction as a deliberate choice intended to expand service capacity, invest further in employees, and deepen community engagement.
Mirachi confirmed his intention to retire following completion of the merger.
Operational Integration and Member Impact
The proposed merger outlines a phased integration process beginning upon regulatory and membership approval and extending into 2027. Both institutions confirmed that no job losses or branch closures are anticipated as a result of the merger.
Members of Launch Credit Union will be asked to vote on the merger as required under federal credit union governance rules. The National Credit Union Administration must also approve the transaction prior to implementation.
During the transition period, both credit unions stated they will continue operating independently while sharing timely and transparent information with members. Communication will be delivered through official websites and other established member communication channels.
Following integration, all members will operate under a single unified brand, Suncoast Credit Union.
Combined Organizational Scale
If approved, the merged credit union will represent one of the largest credit unions in Florida and among the largest in the United States. With more than $21 billion in assets and approximately 1.4 million members, the combined entity will have substantial financial scale.
The combined workforce of nearly 3,000 employees across 96 branches will serve members throughout Florida, including metropolitan and regional communities currently served by both organizations.
Scale is expected to enhance operational efficiencies, strengthen capital reserves, and increase investment capacity in member services and community initiatives.
Regulatory Process and Next Steps
Suncoast Credit Union is a federally chartered, member-owned financial cooperative regulated by the National Credit Union Administration (NCUA). Chartered in 1934 as Hillsborough County Teachers Credit Union, it has evolved into a statewide community credit union serving members across Florida.
Suncoast is the largest credit union in Florida and ranks as the 8th largest in the United States by membership and 10th by assets. The credit union reports $19.2 billion in total assets and serves more than 1.3 million members. It operates 79 full-service branches statewide and maintains headquarters in Tampa, Florida.
Membership is open to individuals who live, work, attend school, or worship within its service area. In 2021, Suncoast expanded eligibility to include public K–12 teachers, college educators, and educational support staff across all 67 Florida counties.
Suncoast offers a full range of consumer and business financial services, including deposit accounts, consumer lending, mortgages, credit cards, commercial lending, and digital banking. As a not-for-profit cooperative, earnings are returned to members through competitive rates, dividends, and reduced fees.
Through the Suncoast Credit Union Foundation, established in 1990, more than $55 million has been raised and donated to support children’s health, education, and emotional well-being in communities served by the credit union.
Upon completion of the proposed merger with Launch Credit Union, the combined organization is projected to exceed $21 billion in assets, serve approximately 1.4 million members, employ nearly 3,000 people, and operate 96 branches across Florida.
About Suncoast Credit Union
Suncoast Credit Union is the largest credit union in the state of Florida and ranks as the 8th largest credit union in the United States based on membership and the 10th largest based on assets. The institution reports $19.2 billion in assets and serves more than 1.3 million members across Florida.
Suncoast was chartered in 1934 as Hillsborough County Teachers Credit Union. Over time, it expanded its field of membership and transitioned into a community credit union. Membership eligibility includes individuals who live, work, attend school, or worship within its designated service area. In 2021, its field of membership expanded statewide to include public K–12 teachers, college educators, and educational support staff across all 67 Florida counties.
Suncoast operates 79 full-service branches and offers a range of consumer and business financial products, including savings accounts, checking accounts, mortgage lending, auto lending, credit cards, and small business banking services.
The Suncoast Credit Union Foundation, established in 1990, has raised and donated more than $55 million to support initiatives focused on children’s health, education, and emotional well-being in communities served by the credit union.
Suncoast Credit Union maintains its headquarters in Tampa, Florida.
About Launch Credit Union
Launch Credit Union is a federally regulated, member-owned community credit union operating under the oversight of the National Credit Union Administration. The institution serves more than 86,000 members and manages over $1.4 billion in total assets.
Launch operates 17 branch locations across Brevard and Volusia counties in Florida. Membership eligibility is open to individuals who live, work, worship, or attend school within the counties served by the credit union.
Launch provides a full range of personal and business financial services, including deposit accounts, consumer lending products, mortgage services, and business banking solutions. As a cooperative financial institution, Launch operates on a member-first model in which earnings are reinvested to support competitive pricing and service delivery.
The credit union has received an “Excellent” rating from BauerFinancial and has been recognized among top regional credit unions in Newsweek rankings for two consecutive years. These recognitions reflect financial stability metrics and regional performance evaluations.
Upon completion of the proposed merger, Launch members would transition into membership within the combined Suncoast Credit Union organization, gaining access to expanded statewide branch coverage, enhanced operational scale, and broader product and service capabilities while maintaining cooperative governance rights under the merged entity.
Media Contact
For additional information, visit suncoast.com & launchcu.com.
Source Attribution
Source: Company announcement