The NCUA said today it has assumed control of the operations of $1.6 billion Eastern Financial Florida Credit Union.
The Florida Office of Financial Regulations, Bureau of Credit Union Regulation appointed NCUA as conservator today after placing Eastern Financial 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's day-to-day operations, the regulator said.
The agency said service continues uninterrupted at Eastern Financial and members are free to make deposits, access funds, make loan payments and use share drafts.
"While the credit union was placed into conservatorship because of declining financial condition, the decision to conserve a credit union enables the institution to continue normal operations with expert management in place," NCUA said.
Originally chartered in 1937, Eastern Financial serves more than 200,000 members.