The board of directors of Space Coast Credit Union approved the merger with Eastern Financial Florida Credit Union during a special meeting held on June 19, Space Coast announced late Tuesday evening.
The necessary supporting actions have been completed with NCUA and the State of Florida Office of Financial Regulation, Space Coast said. The consolidated credit union will be the third largest in Florida with over 360,000 members, approximately $3.2 billion in assets, and a network of over 60 branches and 145 ATM locations throughout the state.
Several months prior to the merger, Eastern Financial's net worth had been depleted, primarily as a result of problems associated with several large commercial loans and investments, Space Coast said.
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