Space Coast Credit Union - www.sccu.com - 321-752-2222
Space Coast Credit Union and Eastern Financial Florida Credit Union to Merge
April 27, 2009
Space Coast Credit Union (SCCU), a state-chartered credit union headquartered in Melbourne, Florida, that serves over 160,000 members holding assets of over $1.6 billion, has signed an agreement that states the credit union's intention to merge Eastern Financial Florida Credit Union (EFFCU) with Space Coast Credit Union, with Space Coast Credit Union remaining as the surviving institution. Space Coast Credit Union has also entered into an agreement to function as interim management for EFFCU until the time of a merger.
"This merger will provide members of both credit unions with an expanded service area that provides branches and ATMs along the I-95 corridor and beyond," stated Doug Samuels, Space Coast Credit Union's President and CEO. "We are also excited about being able to apply the operating efficiencies SCCU has built to the new, larger credit union, and ensure that the member-owners receive a good return on their investment in the cooperative." Samuels stated, "Both credit unions have grown up with Florida, EFFCU with Eastern Airlines starting in 1937, and Space Coast Credit Union, which began in 1951 as Patrick Air Force Base Credit Union serving employees of the Space Program. We both know how to serve members in a friendly and convenient way."
Samuels further stated, "The two credit unions have a common purpose in serving the working families of Florida. This is a partnership of two like organizations who both grew up along with the communities they serve, and have been strongly committed to branching in order to meet the needs of the members." "In fact," stated Samuels, "some of the similarities are uncanny. We both operate almost the exact same number of proprietary branches and ATMs, we both have very robust telephone service centers, and our online banking offerings are very similar."
Current SCCU members will not experience any changes to their accounts or in their current level of service as a result of the proposed merger.
The consolidated credit union will have over 350,000 members, be over $3 billion in assets, and have more than 60 branches and 150 ATM locations throughout the state.
The completion date of the merger has not been finalized.
Historically, Space Coast Credit Union has not sought to expand through mergers. As Doug Samuels explained, "Although the credit union has merged with a few smaller credit unions in its 57-year history, growth has been achieved through continuous improvement and expansion of the services offered to members. We were honored to have been approached several months ago to discuss the possibility of combining the two credit unions. What was of interest were our operating efficiencies, our strong member base, and our branch and member service offerings. We felt that blending the two together would create a significantly stronger credit union to improve the value delivered to the members of both credit unions."
"Ultimately, this merger will provide greater convenience and an expanded product and service selection to the members of both credit unions," stated Samuels. "SCCU has built exceptional capabilities in centralized retail sales, auto lending, real estate lending, and business lending. Applying this expertise across a credit union twice the size will enable us to leverage these attained capabilities to even greater effect than we do now, and ensure a greater return to the member-owners of the expanded credit union. We do not do anything unless it creates a benefit for our members, and this partnership will help us achieve a distinguishable difference for our members in the competitive financial services market."
Timothy M. Antonition, SCCU's Executive Vice President of Retail Operations, will act as the Integration Team Leader for the merger process. Stated Antonition, "I am proud of the strength that our employees represent, and the exceptional things they have accomplished for our members. It will be exciting to offer our wide selection of financial services and process efficiencies to an expanded market. Eastern Financial Florida Credit Union is a great, 70-year-old credit union that, like SCCU, has become the dominant credit union in its market through a focus on convenient service to members. This is an alignment of two credit unions that have many similarities, and we intend to continue to leverage the efficiencies we have built at SCCU to provide a significant advantage for our expanded membership."
About Space Coast Credit Union
Space Coast Credit Union is headquartered in Melbourne, Florida with a regional headquarters in Daytona Beach. SCCU serves over 160,000 members with assets of over $1.6 billion through a network of branches and ATMs located from Vero Beach to Palm Coast, and through its web site, SCCU.com. Space Coast Credit Union is open for membership to anyone who lives or works in Brevard, Volusia, Flagler, Indian River, Orange, Osceola, Seminole, or St. Lucie counties.
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