Suncoast Credit Union earns Qualified Public Depository designation

Suncoast Credit Union has earned designation as a Qualified Public Depository (QPD) by the State of Florida, marking a historic and prestigious step forward for the largest credit union in the state and the communities it serves.

Suncoast is the largest credit union in Florida and the only one headquartered in Tampa to achieve QPD status. Joining a selective and trusted group of financial institutions tasked with protecting public funds, credit unions only became permitted to apply to be a QPD in May of  2024 followed by an arduous process to be approved. Other approved QPDs are banks including Bank of America, JPMorgan Chase, BankUnited, City National, among others.  Suncoast is one of the first credit unions to receive approval and move forward with the designation. Public funds are monies held by government entities at the federal, state, and local levels, along with other public organizations.

The QPD status allows Suncoast to accept public funds from state and local government entities, including municipalities, school districts, universities, and public agencies—a space previously reserved exclusively for banks. This market space is a natural progression for the credit union which was founded by educators and is deeply entrenched in education today.

“Being named a Qualified Public Depository demonstrates Suncoast’s financial strength and operational integrity,” said Kevin Johnson, President and CEO of Suncoast. “This important designation allows us to extend our services and safeguard taxpayer dollars, offer competitive treasury management tools, and provide comprehensive checking, savings, and money market accounts to public entities throughout the state.”

This change also eliminates Florida’s prior exclusive preference for banks—especially out-of-state large banks—by allowing Suncoast to help keep more taxpayer dollars circulating within the state’s economy. “Allowing public entities to deposit with Suncoast promotes competition and offers the potential for better returns and services for taxpayers,” Johnson added, “and it also provides public entities with a choice for their banking and deposit relationships.

As a QPD, Suncoast ensures that public funds are collateralized and fully protected under Florida’s Public Deposits Program, giving school districts, universities, and other agencies new options for secure and reliable banking.