As of April 1, the merger of 121 Financial Credit Union and Duval Federal Credit Union will become finalized.
In order to merge the two credit unions’ operating systems, which is the last phase of the merger, 121 Financial will be closed from noon March 31 until April 1 at 9:00 a.m. Duval Federal will close all day March 31 and will open as new 121 branches on April 1 at 9:00 a.m. The online banking system for both credit unions will be temporarily closed during that same time.
In addition, new exterior and interior 121 signage will be unveiled on April 1 at the former Duval Federal locations.
With the merger, Duval Federal will add four branches, 6,300 members and approximately $51 million in assets to 121 Financial. 121 Financial currently has approximately $448 million in assets, 39,100 members and eight branch locations. The combined credit unions will have approximately 175 employees and none of the employees will be laid off as a result of the merger.
Duval Federal was chartered in 1935 as the credit union for the City of Jacksonville employees. It began with 45 members and $225 in assets. The credit union built its operations over the years by adding other select employer groups, including University of Florida Health Systems, and expanded membership to anyone residing or working in Duval County.
121 Financial also started in 1935 under the name of Florida Telco, serving the telecommunications industry in Northeast Florida. In 1990 it expanded its membership to anyone living or working in the eleven First Coast counties.