Space Coast Credit Union
{{Short description|American credit union}}
{{Infobox company
| name = Space Coast Credit Union
| logo = Space Coast CU.png
| former_name = Patrick Air Force Base Credit Union
| type = Credit Union
| foundation = {{start date and age |1951}}
| hq_location_city = Melbourne, Florida
| hq_location_country = USA
| num_locations = 65 Branches
| key_people = Tim Antonition, CEO/President
| 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
| industry = Financial services
| products = Savings; Checking; Consumer loans; Mortgages; Credit cards; Investments; Online banking
| assets = US$7.7 billion
| assets_year = 2022
| num_employees_year = 2015
| homepage = {{URL|https://www.sccu.com|SCCU.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).{{cite web |url=http://www.ncua.gov/Legal/Documents/Reports/CUDIR2012.pdf|format=PDF|title=2012 Directory of Federally Insured Credit Unions|publisher=National Credit Union Administration |accessdate=June 25, 2015}} As of 2022, SCCU had over 560,000 members and $7.7 billion in assets, making it the third largest credit union in Florida.{{cite news|url=http://www.floridatoday.com/story/money/business/2015/06/23/space-coast-credit-union-breaks-ground-baytree-expansion/29169385/|title=Space Coast CU Begins $30 Million Expansion|first=Wayne T.|last=Price|date=June 24, 2015|newspaper=Florida Today|accessdate=June 25, 2015}}
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).{{cite news|url=https://www.orlandosentinel.com/1989/09/24/brevard-credit-union-takes-off-like-rocket/ |title=Brevard Credit Union Takes Off Like Rocket |first= Sarah|last=Oates |date=September 24, 1989 |newspaper=Orlando Sentinel |access-date=June 17, 2014}} The credit union started with $372 and 7 members.
The company changed its name to Space Coast Credit Union in 1980.{{cite web |url=http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=4321442 |archive-url=https://archive.today/20140618010853/http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=4321442 |url-status=dead |archive-date=June 18, 2014 |title=Space Coast Credit Union: Private Company Information|publisher=Bloomberg Businessweek |accessdate=August 22, 2014}}
In 2009, SCCU merged with Eastern Financial Florida Credit Union, growing SCCU's assets to $3.2 billion and 380,000 members.{{cite web |url=http://www.cutimes.com/2009/07/01/space-coast-eastern-financial-florida-merger-gets-green-light |title=Space Coast, Eastern Financial Merger Gets Green Light |first=Michelle A.|last=Samaad |date=July 1, 2009 |publisher=Credit Union Times |accessdate=June 17, 2014}} Prior to the merger, bad loans and investments made during the 2008 financial crisis put Eastern Financial into distress.{{cite news|url=http://www.tampabay.com/news/regulators-seize-eastern-financial-florida-credit-union/995131 |archive-url=https://archive.today/20140811215931/http://www.tampabay.com/news/regulators-seize-eastern-financial-florida-credit-union/995131 |url-status=dead |archive-date=August 11, 2014 |title=Regulators seize Eastern Financial Florida Credit Union |first=Jeff|last=Harrington |date=April 24, 2009 |newspaper=Tampa Bay Times |accessdate=August 6, 2014}} 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.{{cite web |url=http://www.cujournal.com/dailybriefing/13_749/space-coast-credit_union_midflorida_branches_members_approval-1011524-1.html |title=Space Coast CU Spins Off Six Branches, 16,000 Members to MidFlorida CU |first=Ed|last=Roberts |date=December 12, 2011 |publisher=Credit Union Journal |accessdate=June 17, 2014}}
Alive Credit Union acquired two of SCCU's branches in Jacksonville in 2012.{{cite web |url=http://www.americanbanker.com/issues/177_149/ncua-clears-space-coast-cu-spin-off-of-jacksonville-branches-1051548-1.html |title=NCUA Clears Space Coast CU Spin-Off of Jacksonville Branches |first=Ed|last=Roberts |date=August 2, 2012 |publisher=American Banker |accessdate=August 22, 2014}}
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.[https://www.sccu.com/about-sccu About Space Coast Credit Union (SCCU)] Retrieved on 2022-07-08.
References
{{Reflist}}