In one of the biggest credit union losses ever, Eastern Financial Florida Credit Union in Miramar reported a fourth-quarter loss of $49.5 million.
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The credit union, the third-largest in Florida, has been shrinking over the past year; its assets have declined 22%, to $1.8 billion, according to the National Credit Union Administration. During that time delinquencies have risen to 3.97% of all loans, from 0.48%,
The credit union's problems include a $30 million loan to a nearby condominium project in foreclosure.
Credit union officials did not respond to interview requests.
