Of the inquiries coming in to Eastern Financial Florida Credit Union, members are asking about fund safety, whether transactions are still proceeding and the future of the $1.6 billion financial institution.
The Miramar, Fla.-based credit union has received fewer than five inquiries per week since being placed in conservatorship on April 24, said John McKechnie, NCUA director of public and congressional affairs.
"This has very much been an example of 'business as usual' at work," McKechnie said. "The situation at Eastern continues to be very stable."
While McKechnie said he "cannot quantify account closures and withdrawals" at Eastern Financial, he can say that "they are within the range of those at similarly sized credit unions."
Management from the $1.6 billion Space Coast Credit Union assumed operations of Eastern Financial on April 27, the same day the Melbourne, Fla.-based credit union announced its intent to merge with the troubled financial institution. McKechnie said the NCUA board has the merger application under consideration and no decisions have been made thus far.
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