At VyStar Credit Union, we know your money is important to you. And when your financial institution merges with another, it’s only natural to have some questions about how the merger will affect you and your accounts. Below, we’ve provided answers to some questions you might have during the acquisition process.
Unlike banks, credit unions are not-for-profit financial cooperatives that are owned by their members and governed by a volunteer board of directors. Like banks, credit unions accept deposits, make loans and offer a wide array of other financial services for consumers and businesses. As member-owned financial cooperatives, credit unions provide a safe place to save and borrow money at competitive rates.
Some people confuse credit unions with labor or trade unions. VyStar is not a labor or trade union, and they are not affiliated with one. They are a full-service financial institution with no recurring membership dues.
Formerly known as Jax Navy Federal Credit Union, VyStar was chartered in 1952 by 12 founding members with $60 at the Naval Air Station Jacksonville (NAS Jax) to provide civil service and military personnel and their families a safe place to save and borrow money.
They are the fourth largest financial institution in Northeast Florida, with more than $8.6 billion in assets and more than 655,000 members. VyStar is the second largest mortgage lender in Northeast Florida. They are nationally ranked as the 17th largest credit union in the country among 5,800+ credit unions by asset size, and the 13th largest employer in Northeast Florida, with over 1,500 employees. VyStar has more than 50 full- service branches, 14 high school branches, over 225 ATMs conveniently located in Central to North Florida, and a network of 20,000+ surcharge-free ATMs across the U.S.
Dedicated to their communities: As a not-for-profit, member-owned community credit union, VyStar understands the importance of serving others and giving back. They do it every day in service to their members and local businesses. They truly believe that giving lifts everyone up and makes us all stronger while reflecting the overall credit union philosophy of “People Helping People.”
In 2018 alone, VyStar’s employees raised more than $600,000 in support of the United Way of Northeast Florida, the March of Dimes, and the Leukemia & Lymphoma Society. March of Dimes ranked VyStar fourth in the state of Florida and 41st in the nation (out of 1,770 corporations) in fundraising. Additionally, the credit union itself donated nearly $1,000,000 to over 260 organizations across its communities.
True to their roots: The military is also an important part of VyStar’s history, and it continues to be today. Originally known as Jax Navy Federal Credit Union, VyStar still holds true to their history by sponsoring, participating in and contributing to more than 20 military-focused events, charities and other initiatives each year, including the NAS Jax Air Show, USO Military Appreciation Night at Adventure Landing, and Duval and Clay counties’ Military Appreciation Luncheons. To learn more, visit our Military Support page.
Headquartered in Jacksonville, Florida, VyStar currently serves anyone who lives or works in the 49 contiguous counties of Central to North Florida and four Southeast Georgia counties.
Any individual living or working in the above counties as well as any business, club, church, organization or association located in these counties can join VyStar. Regardless of where they live, any person can join VyStar who is related—by blood, marriage or adoption—to either a VyStar member or a person eligible to join VyStar.
Individuals who do not fall within the geographic FOM (referenced above) have other membership options available to them. VyStar’s bylaws allow for eligibility through specific designations and/or associations outside of VyStar’s standard FOM by county. Please contact VyStar to discuss your specific circumstances and additional options for membership.
If a CSB customer chooses not to opt in to membership, all their deposit accounts, loans and related services will be transferred to, and serviced by, VyStar upon finalization of the merger. They will also continue to have full, uninterrupted access to all their accounts and services. However, going forward, to obtain new VyStar products and services, such as a new loan or a new deposit account, they will be required to become a member.
To join VyStar, CSB customers will be asked to sign an Opt-In Agreement acknowledging their consent to membership. If you have any questions about your new membership or if you have chosen not to consent to membership by returning the Opt-In Agreement, please contact us to discuss the options available to you. Should we need to directly contact you to discuss your account(s), please ensure that CSB has your current contact information, including email address, mailing address and phone number(s).
We are committed to making this merger as seamless as possible for all CSB customers. To assist us in this process, we recommend returning your Opt-In Agreement as soon as possible by following the instructions provided in the agreement.