OCTOBER 20 TO OCTOBER 26, 2022 | JAXDAILYRECORD.COM
BUSINESS & LEGAL NEWS IN BAKER, CLAY, DUVAL, NASSAU AND ST. JOHNS COUNTIES
INSIDE
BANKING & FINANCE ISSUE
RISE OF THE CREDIT UNION JACKSONVILLE’S THREE LARGEST
THE MATHIS REPORT
The three largest credit unions in Jacksonville have more than $16.8 billion in assets
Real estate firm Engel & Völkers opens in San Marco PAGE 4
VYSTAR
FIRST FLORIDA
COMMUNITY FIRST
829,287 members
164,156
59,142
$2.57 billion
$1.36 billion
members
members
$13.03 billion in assets
in assets
in assets
Once niche players, they’re now competing with traditional banks. BY MARK BASCH CONTRIBUTING WRITER
F
or most of the past century, credit unions have been niche players in the U.S. financial services industry serving a relatively small slice of the banking market. But in recent years, credit unions have increased their size and scope, causing commercial banks to push back and even prompting federal officials to reconsider the regulation of those institutions. “Historically, credit unions were not
seen as competitors to banks because they offered fewer small business and commercial lending products and were limited in their customer base because of field of membership restrictions,” Federal Reserve Board Governor Michelle Bowman said in a Sept. 28 speech to the Community Banking Research Conference in St. Louis. “Credit unions today are much more likely to compete directly with traditional banks offering the full cluster of banking products and services,” she said, according to a Fed transcript of her talk. Jacksonville-based VyStar Credit
Union has been at the center of the banking industry’s scrutiny over the new competition. VyStar is the 13th largest U.S. credit union with more than $13 billion in assets and it tried to expand by acquiring a Georgia-based commercial bank, Heritage Southeast Bancorporation Inc. Stiff opposition from commercial banks caused regulatory agencies to put off a decision on the merger application, and VyStar called off the deal in June. According to the National Credit
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SEE CREDIT UNIONS, PAGE 10
MORE BANKING & FINANCE INSIDE 121 Financial targets small businesses
Northeast Florida banking deposits
City was once a A return home headquarters center for PNC leader
The fourth-largest credit union in Jacksonville was founded in 1935 as Florida Telco with $155 in deposits. PAGE 6
Chart shows all banks with branches in the Jacksonville metropolitan area ranked by deposits. PAGE 8
There have been 72 banks with a main headquarters in Jacksonville, but now there are two. PAGE 9
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Christopher Kalin, a career finance professional and UNF grad, is North Florida regional president. PAGE 10
THE BASCH REPORT
Adventure Landing apartments take step PAGE 14
Cadrenal Therapeutics planning IPO
REAL ESTATE
Ponte Vedra Beach-based biopharmaceutical startup working on new drug that treats cardiorenal disease plans to sell 2 million shares of stock at $5 each to continue to the next stage of trials. PAGE 16
Top 10 home sales of week
Riverfront two-story French country-style home sold for $4.19 million. PAGE 13
VOLUME 109, NO. 74 | TWO SECTIONS | PUBLISHED SINCE 1912