Space Coast Credit Union

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Space Coast Credit Union
FormerlyPatrick Air Force Base Credit Union
TypeCredit Union
IndustryFinancial services
Founded1951
Headquarters
Melbourne, Florida
,
USA
Number of locations
58[1] (2015)
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
Tim Antonition, CEO/President
ProductsSavings; Checking; Consumer loans; Mortgages; Credit cards; Investments; Online banking
Total assetsUS$4 billion (2017)
Number of employees
847[1] (2015)
WebsiteSCCU.com

Space Coast Credit Union (also known as SCCU) is a state-chartered 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 $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. ^ a b c 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.

External links[]

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