The Real Deal Miami

Credit union gets purchase offer

April 30, 2009 10:26AM

The beleaguered Eastern Financial Florida Credit Union of Miramar, seized last week by state banking authorities, could be purchased by the Space Coast Credit Union of Melbourne. Space Coast, which has been handling the daily operations of Eastern Financial since the state seizure, did not disclose the terms of the offer, which have to be approved by the National Credit Union Administration. Eastern Financial lost millions on risky real estate loans and securities investments.