Three days after Eastern Financial Florida Credit Union was placed in convservatorship by NCUA, the $1.8 billion credit union will merge with Space Coast Credit Union, it was announced late today.
The $1.6 billion Space Coast said it has also entered into an agreement to function as interim management for EFFCU until the time of a merger. The completion date of the merger has not been finalized, Space Coast said. Space Coast will be the surviving credit union.
The consolidated credit union will have over 350,000 members, have $3 billion in assets, and have more than 60 branches and 150 ATM locations throughout Florida. Timothy M. Antonition, SCCU's executive vice president of retail operations, will act as the integration team leader for the merger process.
Both CUs grew up in Florida with EFFCU serving Eastern airlines starting in 1937, and Space Coast which began in 1951 as Patrick Air Force Base Credit Union serving employees of the space program.