Achieva strikes deal to buy Tampa credit union Coast 2 Coast

Achieva Credit Union has a definitive agreement to buy Coast 2 Coast Financial Credit Union in Tampa.

Achieva, headquartered in Dunedin and one of the largest credit unions in Florida with more than $2 billion in assets, will add about $24 million in assets and 1,900 members from Coast 2 Coast. The deal has been approved by the boards of directors of both credit unions and still requires approval from the National Credit Union Administration and the Florida Office of Financial Regulation. Coast 2 Coast expects to ask its members for final approval in early 2021.

Financial terms of the deal have not been disclosed.

Coast 2 Coast has one office, in northeast Tampa in Sabal Industrial Park, but it has members throughout the Tampa Bay region and from Naples, Florida to Georgia. Nearly half of Coast 2 Coast’s membership is comprised of Teamster Union members and United Parcel Service employees in Georgia and Florida. The remaining members are part of  other employer groups, residents of Hillsborough and surrounding counties and their immediate family members.

“The strength of Achieva’s operations and the quality of its marketing will help in gaining more members in one of the fastest-growing workforce groups in the U.S. – trucking and distribution,” Bruce Koehler, interim president and CEO of Coast 2 Coast, said in a news release.

Interim President and CEO Bruce Koehler (far right) with his team at Coast 2 Coast office in Sabal Park.

Achieva will add the Coast 2 Coast office in Tampa, where it does not currently have a branch presence.

Achieva President and CEO Gary Regoli

“The merger creates an opportunity for us to grow our presence in the Hillsborough County market, and the distribution industry is a promising niche for us,” said Gary Regoli, Achieva’s president and CEO.

Achieva has been one of the more acquisitive credit unions in the area over the past decade. In 2018, Achieva acquired Preferred Community Bank, establishing Achieva’s presence in Lee County, and in 2015, the credit union acquired Calusa Bank, expanding Achieva into Charlotte County. In 2010, Achieva consolidated with Sarasota Coastal Credit Union, growing Achieva’s presence in Sarasota and Charlotte counties.

Achieva is the 11th largest credit union in Florida and the largest credit union headquartered in Pinellas County, according to financial institution website iBanknet. Achieva was founded in 1937 and originally was named Pinellas County Teachers Credit Union. Now, it has 22 branches serving more than 165,000 members. Anyone who lives or works in Charlotte, Collier, DeSoto, Glades, Hardee, Hendry, Hernando, Highlands, Hillsborough, Lee, Manatee, Monroe, Pasco, Pinellas and Sarasota counties, or whose family member has an Achieva Credit Union account, can bank with Achieva.