Starting this morning, members of Space Coast Credit Union's executive management team are scheduled to meet with management at Eastern Financial Florida Credit Union to begin the process of assessing every operational area of the troubled financial institution.
According to SCCU spokeswoman Meredith Gibson, $1.5 billion Space Coast in Melbourne, Fla. was officially notified to step in on April 24, the same day NCUA placed the $1.6 billion EFFCU into conservatorship. Gibson told Credit Union Times SCCU was chosen because it is "similar in size and scope" to EFFCU.
Timothy Antonition, executive vice president of retail operations at SCCU, will act as the project team lead, Gibson said. SCCU will have representatives from all of its operational areas on site at EFFCU in Miramar, Fla. on Monday morning. The first priority is to meet with the EFFCU management and then to begin assessing each department.
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"SCCU is a highly efficient operation with strong policy and process management, which are critical needs in correcting EFFCU's situation," Gibson said.
EFFCU was issued a cease and desist order in March to address a number of troubled operations within the financial institution.
"SCCU has tremendous respect for EFFCU," Gibson said. "We are very pleased to have the opportunity to assist this great, 70-year-old institution in moving beyond the current issues."
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