Space Coast Credit Union

Space Coast Credit Union
Formerly called
 Patrick Air Force Base Credit Union
Credit Union
Industry Financial Services
Founded 1951
Headquarters Melbourne, Florida, USA
Number of locations
 58[1]
Area served
 Brevard, Broward, Flagler, Indian River, Martin, Miami-Dade, Monroe, Orange, Osceola, Palm Beach, Seminole, St. Johns, St. Lucie, Volusia Counties in Florida
Key people
 Doug Samuels, CEO/President
Products Savings; Checking; Consumer loans; Mortgages; Credit cards; Investments; Online banking
Total assets US$3.4 billion (2015)
Number of employees
 750[1] (2015)
Website SCCU.com

Space Coast Credit Union (also known as SCCU) is a state-charted credit union headquartered in Melbourne, Florida. It is insured and regulated by the National Credit Union Administration (NCUA).[2] As of 2015, SCCU had over 300,000 members and $3.4 billion in assets, making it the third largest credit union in Florida.[1]

History

SCCU was formed in 1951 as Patrick Air Force Base Credit Union, serving Patrick Air Force Base.[3] The credit union started with $372 and 7 members.

The company changed its name to Space Coast Credit Union in 1980.[4]

In 2009, SCCU merged with Eastern Financial Florida Credit Union, growing SCCU's assets to $3.2 billion and 380,000 members.[5] Prior to the merger, bad loans and investments made during the 2007–2008 financial crisis put Eastern Financial into distress.[6] NCUA took control of Eastern Financial and turned operations over to SCCU.

In 2011, SCCU spun off its Tampa Bay area operations to MidFlorida Credit Union, gaining MidFlorida 16,000 members, 6 branch locations, and $115 million in assets.[7]

Alive Credit Union acquired two of SCCU's branches in Jacksonville in 2012.[8]

Membership

Membership at SCCU is open to anyone who works or lives in one of 14 Florida counties: Brevard, Broward, Flagler, Indian River, Martin, Miami-Dade, Monroe, Orange, Osceola, Palm Beach, Seminole, St. Johns, St. Lucie, or Volusia.[9]

References

  1. 1 2 3 Price, Wayne T. (June 24, 2015). "Space Coast CU Begins $30 Million Expansion". Florida Today. Retrieved June 25, 2015.
  2. ↑ "2012 Directory of Federally Insured Credit Unions" (PDF). National Credit Union Administration. Retrieved June 25, 2015.
  3. ↑ Oates, Sarah (September 24, 1989). "Brevard Credit Union Takes Off Like Rocket". Orlando Sentinel. Retrieved June 17, 2014.
  4. ↑ "Space Coast Credit Union: Private Company Information". Bloomberg Businessweek. Retrieved August 22, 2014.
  5. ↑ Samaad, Michelle A. (July 1, 2009). "Space Coast, Eastern Financial Merger Gets Green Light". Credit Union Times. Retrieved June 17, 2014.
  6. ↑ Harrington, Jeff (April 24, 2009). "Regulators seize Eastern Financial Florida Credit Union". Tampa Bay Times. Retrieved August 6, 2014.
  7. ↑ Roberts, Ed (December 12, 2011). "Space Coast CU Spins Off Six Branches, 16,000 Members to MidFlorida CU". Credit Union Journal. Retrieved June 17, 2014.
  8. ↑ Roberts, Ed (August 2, 2012). "NCUA Clears Space Coast CU Spin-Off of Jacksonville Branches". American Banker. Retrieved August 22, 2014.
  9. ↑ Berman, Dave; Price, Wayne T. (December 4, 2014). "Space Coast Credit Union's Plan May Add 600 Jobs". Florida Today. Retrieved December 5, 2014.
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