“There are some compelling strategic benefits to the credit


union in doing the merger,” says Samuels. “By combining two similar organizations we will be able to achieve economies of scale that we would not have been able to realize other- wise. We have geographic diversity, which after the storms of 2004, was very important to us. We also have economic diversity which insulates us from ups and downs in a single county’s economy.”


Growth as an Outcome, not a Goal As the dust settles for the existing and new SCCU


employees post-merger, Samuels reflects on the efforts of his team and says he is “proud” of all they accomplished. As for further growth in the future, SCCU’s president believes that will happen only as a natural consequence of getting things right. “If we continue to be convenient, relevant and efficient


for our members, growth happens,” he says. “The focus of growth, expansion and big business has been the downfall of many organizations. We understand that we are no better than our last transaction, and that a focus on expansion is usually ego or pride driven. And pride…goeth before the fall.” u


2010 Eastern


Financial Florida Credit Union operations


are fully converted to SCCU systems allowing the two credit unions to be fully combined.


2003 SCCU reaches over $1 billion in assets and moves its headquarters to Viera


2009 Eastern Financial Florida Credit Union is merged in to create the third largest credit union in Florida with $3.2 billion in assets and 360,000 members


an independent fi rm


• Accounting* • Tax Preparation* • Asset Management


• Retirement & Estate Planning


• Business Planning Securities off ered through


321.723.3352 ✦


1692 W. Hibiscus Blvd. ✦ 8085 Spyglass Hill Road ✦ Fax 321.722.4460 ✦


Melbourne, FL 32901 Viera, FL 32940


www.whittaker-cooper.com *Accounting and Tax Preparation not provided by Raymond James Financial Services, Inc. spacecoastbusiness.com OCTOBER2010[35


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