Not releasing any specific details on where things currentlystand, Eastern Financial Florida Credit Union would only say it isworking quickly to rectify its problems.

In an April 7 e-mailed statement to Credit Union Times,the Miramar, Fla.-based CU wrote "The State of Florida Office ofFinancial Regulation is working closely with Eastern FinancialFlorida Credit Union on a roadmap to address the issues facing usand so many other financial institutions. We are addressing theconcerns quickly and fixing them so we can come out of thisrecession sooner than other financial institutions. We are veryproud of the work that our staff has already done to mitigate theimpact of the depressed Florida and United States economy."

An Eastern Financial spokesman would not provide further detailson what items have been addressed in a March 19 cease and desistorder from the Florida Office of Financial Regulation regardingunsafe and unsound practices. Robert Hayes, bureau chief at theFlorida Office of Credit Union Regulation, would only say thatproposals have been received regarding a March 31 deadline thatrequired Eastern Financial to submit final appraisal reports onproperties in West Palm Beach and Fort Pierce, Fla.

One of the items in the OFR order required the CU to create an"effective management team" with the regulator having thediscretion to approve any hiring of president, CEO, COO, CIO andother senior candidates. The Eastern Financial spokesman confirmedthat executive vice presidents Gary Lanier and James Pavlonnis haveboth served as co-interim CEOs since Stephen McGill resigned aspresident/CEO in February 2008. Peterjohn Plummer continues toserve as board chair.