Space Coast Credit Union

Space Coast Credit Union
FormerlyPatrick Air Force Base Credit Union
Company typeCredit Union
IndustryFinancial services
Founded1951; 74 years ago (1951)
Headquarters
Melbourne, Florida
,
USA
Number of locations
65 Branches
Area served
Alachua, Brevard, Broward, Charlotte, Citrus, Clay, Clay, Collier, Duval, Flagler, Hernando, Hillsborough, Indian River, Lake, Lee, Manatee, Marion, Martin, Miami-Dade, Monroe, Nassau, Okeechobee Orange, Osceola, Palm Beach, Pasco, Pinellas, Polk, Putnam, Sarasota, Seminole, St. Johns, St. Lucie, Sumter, Volusia Counties in Florida
Key people
Tim Antonition, CEO/President
ProductsSavings; Checking; Consumer loans; Mortgages; Credit cards; Investments; Online banking
Total assetsUS$7.7 billion (2022)
Number of employees
847[1] (2015)
WebsiteSCCU.com

Space Coast Credit Union (SCCU) is an American state-chartered credit union headquartered in Melbourne, Florida. It is insured and regulated by the National Credit Union Administration (NCUA).[2] As of 2022, SCCU had over 560,000 members and $7.7 billion in assets, making it the third largest credit union in Florida.[1]

History

SCCU was formed in 1951 as the Patrick Air Force Base Credit Union, serving Patrick Space Force Base (at the time known as 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 34 Florida counties: Alachua, Brevard, Broward, Charlotte, Citrus, Clay, Clay, Collier, Duval, Flagler, Hernando, Hillsborough, Indian River, Lake, Lee, Manatee, Marion, Martin, Miami-Dade, Monroe, Nassau, Okeechobee Orange, Osceola, Palm Beach, Pasco, Pinellas, Polk, Putnam, Sarasota, Seminole, St. Johns, St. Lucie, Sumter, or Volusia.[9]

References

  1. ^ a b 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. Archived from the original on June 18, 2014. 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. Archived from the original on August 11, 2014. 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. ^ About Space Coast Credit Union (SCCU) Retrieved on 2022-07-08.