MELBOURNE, Fla. – NCUA and the Florida Office of Financial Regulation on Tuesday agreed to the merger of Space Coast Credit Union and Eastern Financial Florida Credit Union.
The merger, announced in late April, creates the third-largest CU in the state with more than 360,000 members, 63 branches and $3.2 billion in assets. The credit union will be based here.
“This is a partnership of two like organizations,” Doug Samuels, Space Coast CU’s president and CEO, said in a statement.
Space Coast CU’s board of directors approved the merger on June 19. The move gives Space Coast a larger presence in South Florida, where Miramar-based Eastern Financial has most of its 31 branches. Those branches will continue to use the Eastern Financial name, with the notation it is a “division of” Space Coast CU.
