SPACE COAST BUSINESS: Launch Credit Union and Community Credit Union of Florida End Merger Plan

Both credit unions emphasize there will be no disruption for members or employees

BREVARD COUNTY, FLORIDA – Launch Credit Union and Community Credit Union of Florida have announced they will not move forward with their previously proposed merger that was announced in August.

Launch Credit Union and Community Credit Union of Florida have rich histories on the Space Coast of providing financial products and services to their members.

In a joint statement, Joe Mirachi, Launch’s President and CEO, and Laurie Cappelli, President/CEO of Community Credit Union, said, “The reasons why are varied, and the decision to step back from the merger was not driven by financial reasons. Rather, it reflects a mutual recognition that our organizations, while both strong and well-positioned, have unique needs and priorities that didn’t fully align at this time.”

If the merger had happened, the combined assets would have been more than $2.7 billion, serving more than 143,000 members with 22 branches throughout Brevard and Volusia counties.

“From the onset of our merger announcement, we committed to transparency and maintaining open lines of communication with our employees and members,” said Mirach and Cappelli in the joint statement.

“The merger process itself is a long journey with many measures along the way to ensure a strong partnership is compatible for our respective credit unions, our members and employees, and the communities we serve.”

Both credit unions emphasize there will be no disruption for members or employees as they “remain financially healthy and positioned for success.”

Established in 1953, Community Credit Union is a member-owned, not-for-profit financial cooperative. It was formed under a state charter by a group of ten teachers in Titusville, Florida and was originally known as the Brevard County Teacher’s Credit Union.

Launch Credit Union started at Kennedy Space Center was established in 1963 and now offers many online and was recently named to Newsweek’s “America’s Best Regional Banks and Credit Unions” for 2024.

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