Dedicated to Deposits: Deals, Data, and Discussion

2.25% 7-Month CD Continues at Eastern Financial Florida CU (Division of SCCU) - Local Only

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Eastern Financial Florida Credit Union
Update 10/17/09: The 7-month CD special is no longer listed at the credit union's website.

Eastern Financial Florida Credit Union (which is now a division of Space Coast CU) continues to offer a special 2.25% APY 7-month CD. Minimum deposit is $500, and new funds are required. It's also available in an IRA. This special is listed at the credit union's promotions page as of 10/07/09.

I last last reported on this special in July. Eastern Financial Florida CU was placed into NCUA conservatorship in April due to problems with several large commercial loans and investments. The NCUA then arranged for Eastern Financial to be merged into a healthier credit union, Space Coast Credit Union, in June. So Eastern Financial is now officially a division of Space Coast CU.

Integration Plans and Eastern Financial's Reward Checking

According to the credit union President/CEO full integration of the of the two credit unions will take approximately one year to complete. Eastern Financial continues to offer a high yield reward checking account (see post), and there were concerns that this may be discontinued. But I don't see any signs that this will be the case in the near term. If anyone has additional info, please leave a comment.

Membership Eligibility

Eastern Financial membership is open to those who live or work in Miami-Dade, Broward, Palm Beach, Hillsborough, Pinellas, Clay, Duval, Nassau or St. Johns County. You can also be eligible via select employer groups, associations and immediate family. Please refer to Eastern Financial's Membership Page for the full details. Membership requires a minimum $5 balance in the savings account.

It looks like the merger of Eastern Financial may be having an effect on Space Coast's financial health. The rating for safety and soundness at BauerFinancial has gone down from 4 stars (excellent) to 2 stars (problematic) since my July post. However, the rating at Bankrate.com continues to be 3 stars (performing). Both ratings are based on 6/30/09 financial data. The credit union is federally insured by the NCUA (Charter # 67297).

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  Tags: CD rates, IRA rates, Florida, Eastern Financial Florida Credit Union

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