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Regulators Seize Another Credit Union « The Washington Independent

It’s Eastern Financial Florida Credit Union, in Miramar, Fla. — the largest in South Florida. The National Credit Union Administration, which regulates the credit union industry, put Eastern Financial into conservatorship, the NCUA said today:

Eastern Financial Florida Credit Union was originally chartered in 1937 and today serves Broward, Miami-Dade, Palm Beach, Hillsborough, Pinellas counties and the Jacksonville area. The credit union has approximately $1.6 billion in assets and just over 200,000 members.

TWI has reported on problems in the credit union industry, which has been hit by the expensive rescue of two large failed corporate credit unions, and pressures on smaller retail institutions because of rising unemployment and the financial crisis.

The South Florida Business Journal reported that Eastern’s troubles stemmed mostly from the commercial real estate collapse:

Most of the delinquent loans plaguing Eastern Financial came from member business loans, which include construction and commercial real estate loans.

The Federal Deposit Insurance Corporation announces most of its bank failures late on Fridays. Look like that will be the NCUA is following that lead.

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