Florida credit union put into conservatorship

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The National Credit Union Administration (NCUA) has put Eastern Financial Florida Credit Union into conservatorship, an institution with $1.6 billion in assets. This looks to be the busiest day for regulators since the crisis began.  4 banks and 1 credit union have been shut this Friday.  The NCUA Eastern Financial press release reads as follows:

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The National Credit Union Administration (NCUA) today assumed control of the operations of Eastern Financial Florida Credit Union, a state-chartered, federally insured credit union headquartered in Miramar, Florida.

The Florida Office of Financial Regulations, Bureau of Credit Union Regulation appointed NCUA as conservator today after placing Eastern Financial Florida Credit Union into conservatorship. NCUA has assumed control of the credit union and has appointed officials from Space Coast Credit Union of Melbourne, Fla., to temporarily manage Eastern Financial Florida Credit Union’s day-to-day operations. NCUA’s goal is to continue credit union service to the members and ensure safe and sound credit union operations.

Service continues uninterrupted at Eastern Financial Florida Credit Union and members are free to make deposits, access funds, make loan payments and use share drafts. While the credit union was placed into conservatorship because of declining financial condition, the decision to conserve a credit union enables the institution to continue normal operations with expert management in place.

Member accounts are insured to at least $250,000 coverage provided by the National Credit Union Share Insurance Fund, a federal fund backed by the full faith and credit of the U.S. Government. Members with questions about their insurance coverage can contact NCUA’s Share Insurance Call center at 1-800-755-1030, Press 1, Monday through Friday during normal business hours.

Eastern Financial Florida Credit Union was originally chartered in 1937 and today serves Broward, Miami-Dade, Palm Beach, Hillsborough, Pinellas counties and the Jacksonville area. The credit union has approximately $1.6 billion in assets and just over 200,000 members.

We have seen 5 failures in 5 states: Idaho, California, Michigan, Florida and Georgia. Bank failures are popping up in pretty much everywhere now.

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