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Feds take over Eastern Financial Credit Union

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TBO.com

Published: April 26, 2009

Federal regulators have assumed control of Eastern Financial Florida Credit Union, which has six branches in the Tampa Bay area, in an effort to shore up its financial stability and protect its assets.

The Florida Office of Financial Regulation placed Eastern Financial in conservatorship Friday, under the control of the National Credit Union Administration. The Space Coast Credit Union of Melbourne is managing Eastern Financial's day-to-day operations.

Established in 1937, the Miramar-based credit union ranks among the Top 35 in the country and has branches in Town and Country, Carrollwood, Brandon, St. Petersburg, Oldsmar and Clearwater.

As part of the changes, the National Credit Union Administration removed Eastern Financial's board of directors and other officials, but members should not notice many changes. Deposits are insured for as much as $250,000 by the federal government, and credit union members can still access their funds, make deposits and loan payments.

Credit union members with questions can call their branches or Eastern Financial at 1-800-882-5007.

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