Not releasing any specific details on where things currently stand, Eastern Financial Florida Credit Union would only say it is working 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 of Financial Regulation is working closely with Eastern Financial Florida Credit Union on a roadmap to address the issues facing us and so many other financial institutions. We are addressing the concerns quickly and fixing them so we can come out of this recession sooner than other financial institutions. We are very proud of the work that our staff has already done to mitigate the impact of the depressed Florida and United States economy."

An Eastern Financial spokesman would not provide further details on what items have been addressed in a March 19 cease and desist order from the Florida Office of Financial Regulation regarding unsafe and unsound practices. Robert Hayes, bureau chief at the Florida Office of Credit Union Regulation, would only say that proposals have been received regarding a March 31 deadline that required Eastern Financial to submit final appraisal reports on properties 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 the discretion to approve any hiring of president, CEO, COO, CIO and other senior candidates. The Eastern Financial spokesman confirmed that executive vice presidents Gary Lanier and James Pavlonnis have both served as co-interim CEOs since Stephen McGill resigned as president/CEO in February 2008. Peterjohn Plummer continues to serve as board chair.