Eastern Financial Florida Credit Union Placed Into Conservatorship

The National Credit Union Administration (NCUA) announced Friday that it assumed control of the operations of Eastern Financial Florida Credit Union, a state-chartered, federally insured credit union headquartered in Miramar, Florida.

From NCUA: The Florida Office of Financial Regulations, Bureau of Credit Union Regulation appointed NCUA as conservator today after placing Eastern Financial Florida Credit Union into conservatorship.

NCUA has assumed control of the credit union and has appointed officials from Space Coast Credit Union of Melbourne, Fla., to temporarily manage Eastern Financial Florida Credit Union’s day-to-day operations. NCUA’s goal is to continue credit union service to the members and ensure safe and sound credit union operations.
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Eastern Financial Florida Credit Union was originally chartered in 1937 and today 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.