The Real Deal Miami

Space Coast could double on Eastern takeover

May 12, 2009 10:08AM

Space Coast Credit Union, a potential buyer of Eastern Financial Credit Union, says it could double if it’s able to buy the failed credit union, which collapsed in part due to bad mortgage loans. Melbourne-based Space Coast, which has been running Miramar-based Eastern Financial Credit Union since April 24 at the behest of federal regulators, needs state approval for the acquisition. National Credit Union Administration spokesman John J. McKechnie III said the agency hasn’t decided yet how to resolve the conservatorship of $1.6 billion-asset Eastern Financial, the largest retail credit union ever seized by regulators.