A series of marketing and communications efforts are being planned by Space Coast Credit Union to refuel Eastern Financial Florida Credit Union's slowed loan production.
Space Coast spokeswoman Meredith Gibson said the $1.6 billion Eastern Financial's loan activity has slowed considerably since the Miramar, Fla.-based credit union was placed in conservatorship on April 24.
Eastern Financial suffered millions of dollars in real estate and other loan losses in 2008. Gibson said marketing plans will include the message to members and the communities that Eastern Financial serves that "we are making loans, and making them at competitive rates." The credit union has a strong selection of mortgage products, and is also ready to get back to serving members' needs for vehicle loans, which will be available through direct application to Eastern Financial, she added. The indirect lending program has not yet been re-established, Gibson said.
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"[Space Coast] is working to apply the efficiencies we have built over the past 10 years or so to the [Eastern Financial] application and approval process to get the loans closed quickly so members can act on their home and vehicle purchases," Gibson said.
The Melbourne, Fla.-based Space Coast assumed control of Eastern Financial's operations on April 27.
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