NCUA Media Advisory

 

Space Coast Credit Union To Serve Eastern Financial Florida Credit Union

Members Member Accounts are Safe and Federally Insured

 

June 24, 2009, Alexandria, Va. -- The National Credit Union Administration (NCUA) is merging Eastern Financial Florida Credit Union (Eastern Financial) of Miramar, Florida, into Space Coast Credit Union (Space Coast), headquartered in Melbourne, Florida. Space Coast will provide Eastern Financial members with uninterrupted credit union service.

NCUA has been overseeing the operation of Eastern Financial since April 24, 2009, when the Florida Office of Financial Regulations, Bureau of Credit Union Regulation appointed NCUA as conservator after placing Eastern Financial into conservatorship. The action was taken to protect member assets while addressing operational issues. While ensuring safety and soundness, NCUA has been operating the credit union with the goal of continuing credit union service to members through a merger with or purchase by another credit union.

Space Coast Credit Union is a federally insured institution chartered by the state of Florida in 1951. It is a full service, nearly $1.7 billion credit union serving more than 160,000 members through a network of branches and ATMs reaching from Vero Beach to Palm Coast.

Eastern Financial Florida Credit Union was chartered in 1937 and serves Broward, Miami-Dade, Palm Beach, Hillsborough, Pinellas counties and the Jacksonville area. The credit union has approximately $1.6 billion in assets and just over 200,000 members.

The National Credit Union Administration (NCUA) is the independent federal agency that charters and supervises federal credit unions. NCUA, with the backing of the full faith and credit of the U.S. government, operates the National Credit Union Share Insurance Fund (NCUSIF), insuring the deposits of nearly 90 million account holders in all federal credit unions and the vast majority of state-chartered credit unions. NCUA is funded by credit unions, not tax dollars.