The Real Deal Miami

Feds seize Eastern Financial Florida Credit Union

April 27, 2009 11:49AM

The National Credit Union Administration took charge as conservator of the $1.6 billion asset institution after the Florida Office of Financial Regulation stepped in and said its capital levels were too low. The Melbourne-based credit union, which has made many risky loans, has 30 branches in Broward, Miami-Dade, Palm Beach, Hillsborough, and Pinellas counties. Among the credit union’s biggest stumbles was a $30-million loan to the Merco Group of the Palm Beaches for a waterside West Palm Beach condo project that never got built and went into foreclosure last year.