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Space Coast merger with Eastern Financial Fla. okayed
ALEXANDRIA, Va. (6/25/09)--The National Credit Union Administration (NCUA) on Wednesday announced that Melbourne, Fla.-based Space Coast CU will merge Miramar, Fla.’s Eastern Financial Florida CU into its operations. The NCUA has monitored the operation of Eastern Financial following it’s entry into conservatorship in April of this year. The NCUA had always intended to sell Eastern Financial or merge it’s operations with another credit union, and Space Coast, which currently holds $1.7 billion in assets from over 160,000 members, will now serve Eastern Financial’s 200,000 members. Space Coast announced the merger in April, but the NCUA did not confirm or deny any planned merger at that time. The merger is the second in a week, as $42 million-in-assets Community Trust CU merged with $333.4 million-in-assets Self-Help FCU of Durham, N.C. earlier this week.


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