Doug Samuels, president/CEO of Space Coast Credit Union, knows its mortgage securities suit against several Wall Street giants may be an arduous undertaking.
Florida CU names Wells Fargo, J.P. Morgan, Merrill Lynch and others for creating phony demand for residential mortgage loans.
The Tampa Bay market in Florida is such prime territory for MIDFLORIDA Credit Union that the cooperative is on a mission to build its presence there.
A merger by another name?
At one point, the high-flying commercial lending CUSO formed through Eastern Financial Florida Credit Union funded more than $200 million in business loans and served dozens of credit unions nationwide.
The $3.1 billion Space Coast Credit Union has filed a suit against two investment firms over the alleged misrepresentation of a collateralized debt obligation that the cooperative said led to financial losses.
Space Coast CU is suing Barclays and State Street Securities over investment losses that led to its takeover of Eastern Financial CU.
The executive tapped to lead integration of one of the biggest mergers in the credit union industry has a new role.
Timothy Antonition, the executive tapped to lead integration when Space Coast Credit Union acquired Eastern Financial Florida Credit Union, has been promoted to chief operating officer.
Senior management is the among the first casualties at Sperry Associates Federal Credit Union as the cooperative attempts to correct a number of troubled capital, operational and lending issues recently ordered by the NCUA.