MIRAMAR, Fla. – In one of the biggest credit union losses ever, Eastern Financial Florida CU reported a fourth quarter loss of $49.5 million, putting it into the red to the tune of $45.2 million for the year.
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The credit union, the third largest in Florida, has been declining in size over the past year, with a 22% drop in assets– to $1.8 billion from $2.3 billion–and a fall in savings of almost 11%, according to NCUA.
During that time, delinquencies have risen to 3.97% of all loans from just 0.48%; while charge-offs have gone to 1.15% from 0.62%.
Among the credit union’s problems is a $30 million loan to a nearby condominium project in foreclosure.
Credit unions officials did not respond to interview requests from the Credit Union Journal.
