Space Coast Credit Union - www.sccu.com - 321-752-2222
Space Coast Credit Union and Eastern Financial Credit Union Merger Official
I am pleased to announce an important and historic development in Space Coast Credit Union’s 58-year history.
Space Coast Credit Union has merged with Eastern Financial Florida Credit Union. The merger was approved by the Board of Directors of Space Coast Credit Union (SCCU) during a special meeting held on Friday, June 19. The necessary supporting actions have been completed with the National Credit Union Administration (NCUA) and the State of Florida Office of Financial Regulation. The effective date of the merger was the start of business on Tuesday, June 30, 2009.
The resulting consolidated credit union is the third largest credit union in Florida, with over $3 billion in assets, 66 branches, and over 145 ATM locations.
This is a significant moment for both credit unions, and I welcome you to this new chapter in our history.
First, let me address what are probably your primary concerns:
- Space Coast Credit Union is the surviving entity. Eastern Financial was merged into SCCU.
- The name of the credit union remains Space Coast Credit Union. Eastern Financial will now operate as “Eastern Financial Florida Credit Union, a division of Space Coast Credit Union.”
- SCCU continues to operate as usual.
- You should continue to contact SCCU using the web addresses, email addresses, and phone numbers you are currently using.
- Your deposits are safe. Member deposits are fully insured to at least $250,000.
- At this time, the branches and ATMs located in the EFFCU division are not yet able to service SCCU accounts. Please continue to use the branches and ATMs located in the SCCU service area.
- Your account number will not change.
Our Frequently Asked Questions document has answers to the most common questions you may have about the merger. Initially, the merger will have little to no impact on the current operations of SCCU. The merger is important and exciting, though, as it has allowed us to take over a credit union with a heritage similar to our own, including a similar focus on convenience for their members. EFFCU has been serving members and their families since 1937, building a service network that now includes 31 branches, 74 ATMs, and a phone contact center.
While EFFCU had bad financial results recently, their core strength, member base, and geographical areas served will provide you, the SCCU member, with better products, services, and greater access to these services in the future.
Merging with EFFCU will enhance our efficiencies and effectiveness at doing those things we do so well: mortgage lending, deposit accounts, and vehicle loans. With an additional potential market of 6 million people and 200,000 existing members, we will be able to provide a faster return on the efficiencies we have initiated in recent years than could ever be achieved by gradual growth. Ultimately, the opportunity to integrate and efficiently manage EFFCU functions will result in stronger pricing and service advantages to you, the member-owners of Space Coast Credit Union.
As We Move Forward
Post-merger, we will begin the complex undertaking of consolidating the systems and processes of the two organizations in order to efficiently provide service to all members of our combined organization. This integration process is what will ultimately allow members full access in both divisions to the branches and ATM network, and to a single web site and Online Banking System to access accounts.
Until we integrate the various systems, the combined membership will not be able to take advantage of the full range of products, services, and locations this merger will ultimately provide. For instance, once the systems are consolidated, an SCCU member will be able to conduct a transaction at an EFFCU branch, and vice versa.
We have established integration teams led by employees from SCCU and EFFCU to develop and execute the credit union’s plans. The full integration will take approximately one year to complete
This merger also protects the interests of existing SCCU members by serving a market area with a more diverse economic base, protecting our credit union from exposure to a downturn in any specific area we currently serve.
I assure you that we have undertaken this merger in the best long-term interest of our members. We have not done this to support short-term growth targets, as those kinds of objectives are not what we are about. Our focus continues to be the belief that service excellence and efficiency creates its own growth over time, which we have proven over the last several years.
The Frequently Asked Questions include the most common questions you may have. This Frequently Asked Questions page will be updated continually to provide you with additional information. You can also look to SCCU.com for other announcements to keep you informed of current events regarding the merger.
Thank you for your continued loyalty and membership. Along with the management and employees across this expanded credit union, I look forward to a long future of continuing to serve you with the attractively-priced, trustworthy, conveniently-delivered financial services you have come to expect from this cooperative that you and over 360,000 fellow members now own.
Douglas R. Samuels
President/CEO
Member since 1991
Members’ Frequently Asked Questions
Doug Samuel’s June 2009 Perspectives Column: Merger Opportunity
Press Release: Intent to Merge
Copyright © 2013 Space Coast Credit Union.
