Space Coast Credit Union - www.sccu.com - 321-752-2222
Space Coast Credit Union and Eastern Financial Credit Union Merger Official - FAQ
The following are answers to questions you may have about the merger between Space Coast Credit Union and Eastern Financial Florida Credit. Just click on any of the questions to see the expanded answer. Or, show all of the answershide all of the answers.
We realize that this may not cover all of your questions, so please contact our Member Service Center or send an email to eCommunications@sccu.com with additional questions. We will continue to update this page with answers to members’ most frequently asked questions.
Space Coast Credit Union (SCCU) has merged with Eastern Financial Florida Credit Union (EFFCU), headquartered in Miramar, Florida. Space Coast Credit Union will be the remaining entity.
The resulting consolidated credit union is the 3rd largest credit union in Florida, with over $3 billion in assets, 66 branches, and over 145 ATM locations.
This is a significant moment in the history of both credit unions. The combined organization will benefit all involved, ultimately providing members of both credit unions with a much larger service area. The operating efficiencies that can be realized across the combined entity ensure that members can continue to experience low loan rates, high deposit rates, and a high number of free and low-cost services.
EFFCU was placed into conservatorship on April 24, 2009, because of declining financial conditions. SCCU was appointed by the National Credit Union Administration (NCUA) to manage EFFCU during conservatorship. After filing an “intent to merge” with EFFCU, the Board of Directors of SCCU approved the merger with Eastern Financial Florida Credit Union during a special meeting held on Friday, June 19, and the necessary supporting actions have been completed with the NCUA and the State of Florida Office of Financial Regulation.
Space Coast Credit Union. In the EFFCU market area, the credit union will operate as “Eastern Financial Florida Credit Union, a division of Space Coast Credit Union.”
Doug Samuels is the CEO/President of the merged credit union. SCCU’s Board of Directors is also the governing board for EFFCU. A combination of Senior Management staff from both merging organizations will oversee the day-to-day operations and service to members. SCCU.com will feature profiles of the team leading your credit union in the future.
In the future, additional products, services, and branches will be made available to you, but no changes are currently being made to your account. There may be some adjustments to account numbers for a limited number of members as we integrate the two operating systems, but these will be communicated well in advance to those members.
There is no overlap in the service areas for existing branches, so the merger will not prompt the closing of any SCCU branches. Branch and ATM locations are continuously evaluated to ensure that they remain relevant to our members, so over time, there may be changes as our members’ needs change, but those changes will be the result of normal operational considerations, not as a result of the merger.
Continue to use the phone numbers, email, and web addresses you have been using.
One of the very reasons for this action is to insulate SCCU from a concentration of risk by expanding and diversifying the economies in which we operate. The service area for the expanded credit union includes a wide variety of employment sectors, which protects this cooperative from the impact of a weakness or downturn in any particular area of the economy.
Space Coast Credit Union is and will continue to be a well-managed financial institution, with strong reserves and operating efficiencies that have allowed us to become one of the top providers of mortgages, vehicle loans, and deposit accounts in our market area. We are well-prepared to extend service to the members of EFFCU and ensure the safety and soundness of the combined credit union going forward.
The combined entity now has approximately $200 million in net worth. As for what EFFCU brings to the table, all of EFFCU’s assets will be written down to fair value and the entity should be profitable in future years because of the prudent write-downs that were taken from 2007 through 2009.
How will this change affect rates on the products I already have or am interested in getting with SCCU?
We will continue to offer our usual array of products. Interest rates are managed based on the economy, outside interest rates, competitive environment, and the amount of profit we can generate to return to our members.
The merger between SCCU and EFFCU does not change any terms, conditions, or agreements you have with SCCU for such things as loans, deposit accounts, etc.
At this time, separate product and service offerings will continue to be available in the SCCU and EFFCU divisions, and will be limited to those market areas.
For example, if you live in Melbourne and want to join the credit union, you will be able to select from the products and services available from the SCCU division. We will be working to expand the product offering in both markets, and ultimately all products and services will be available to the entire membership.
Initially, the merger will have little to no impact on the current operations of SCCU. You will continue to receive the same level of fast, convenient service, and your products will remain the same.
Behind the scenes, we will be working to integrate the systems and processes of the organizations in order to provide more efficient service to members of the combined organization. This integration process will take approximately one year to complete. Ultimately, all products, services, ATMs, and branch locations will be available to the entire membership.
- Greater operating efficiency, which will ensure a high return to members in the form of high deposit rates, low loan rates, and more free and low-cost services.
- The combined market areas provide greater access for existing members.
- Added convenience. More branches and ATMs will be available to serve members.
- Improved service. SCCU has developed highly efficient, centralized lending and account opening processes that, when expanded into the EFFCU market area, will provide faster, more convenient service to members.
- Expanded product offerings and expanded access to these products.
- Combining our organizations will strengthen our presence in Florida and position us to grow and expand, which will improve the return to you, our member-owners.
Yes. Unfortunately, the announcement of the merger is sure to bring out criminals who attempt to steal your personal and financial information. The announcement of the merger is sure to bring out criminals who attempt to steal your personal and financial information. Be on the lookout for emails or text messages requesting that you update your personal and/or account information online. Neither SCCU nor EFFCU will ever contact you via email, text message, or telephone asking for personal information such as complete social security numbers, account numbers, dates of birth, etc. If you receive an email requesting you to update your personal and/or financial information, please forward it to firstname.lastname@example.org.
No. SCCU continues to have money to lend, and we will continue to offer our existing selection of products and services to meet your financial needs. As is usual in any business, you may see some products introduced, changed, or discontinued over time as market conditions and member needs change. Please be assured that any and all changes will be communicated to members well in advance, and credit union staff will be able to assist you should you have any questions or concerns.
Not at this time. As with any business, fees may change over time. Should something change, account holders will be notified in advance and all required disclosures will be provided.
- SCCU.com, will always display the most current information. Updates will also be handed out at branches and included in statements.
- For those who receive online statements, you will receive electronic "inserts" along with your "statement ready" email.
- Please open your statements, read your emails, and visit SCCU.com frequently to ensure that you have the latest information.
Will I still be able to rate SCCU products, services, and branch service using the Watchdog Raing System?
Absolutely! Ratings and reviews will continue to be gathered through online surveys delivered to you via email, providing an efficient, inexpensive means of ensuring that the management and staff of SCCU are always aware of, and focused on, what is important to you, the member. Ratings and reviews will also continue to be published online, allowing members to benefits from others’ experience. These ratings and reviews from actual members let others get real information they need to help make decisions. As systems are integrated, we will also be rolling out online surveys in the EFFCU division area.
Is there anything that I can do as a member to contribute to the continued strength of the credit union?
Yes, and it’s very simple: Use the products and services SCCU offers. The greater the participation is in this credit union, the greater is the return that can be provided to you, our SCCU member.
Loans generate interest income, and checking accounts can generate transaction income, both of which help pay the operating expenses of the credit union. This helps ensure that you get a greater value for your membership in the form of higher interest rates on deposit accounts, lower rates on loans, and more free or low-cost services.
You, the member, own this financial cooperative. Why would you pay your hard-earned money to another financial institution? If you have your checking account or vehicle loan at another financial institution, all you have to do is pick up the phone or visit a nearby branch to move your business to SCCU – and it won’t cost you a cent!
Another contribution to the strength of the credit union is, of course, to pay loans on time, according to the terms of your loan agreement. If an economic challenge is currently making this difficult, it is important to be pro-active in contacting SCCU to discuss your situation.
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