The Real Deal Miami

Eastern loss narrows with condo foreclosure

January 23, 2009 10:21AM

Eastern Financial Florida Credit Union, the state’s largest credit union, lost $5.25 million in the fourth quarter, compared to an $18.2 million loss in the third quarter, according
to data from the National Credit Union Administration. The credit union’s foreclosure
on a large condo development loan in West Palm Beach boosted its real
estate holdings to $32 million from $1 million at the end of the third quarter. Eastern Financial cut back its lending to lower the size of
its loan portfolio. The credit union made $76.3 million in real estate
loans in 2008, down 72.5 percent from $277 million in 2007.