NCUA approves 41 mergers in first quarter
Credit union mergers continued their upward pace with 41 consolidations approved by the NCUA in the first quarter of 2022, more than the 33 mergers approved in the first quarter of 2021, according to the federal agency. First Quarter Merger and Insurance Activity Report released last week.
In addition to the 34 credit unions that were given the green light by the NCUA to consolidate to expand services, two credit unions were granted approval to merge due to poor financial condition; two for inability to obtain officials; two for lack of sponsors and one for loss or decline of membership.
The largest NCUA-approved credit union mergers were:
- The $2.7 billion Capital Communications Federal Credit Union with the 5.5 billion dollars Federal Credit Union State Employeesboth based in Albany, NY
- The $612 million world credit union in Spokane, Washington, in the $10.8 billion Federal Credit Union of Alaska in the United States in Anchorage, Alaska.
- The $524 million Federal Credit Union with the 896 million dollars First Service Credit Unionboth based in Houston.
Credit unions with more than $100 million in assets but less than $500 million in assets that received regulatory approval to merge included:
- The $255 million United 1st Credit Union in Kingsland, Ga., in the $3.5 billion Georgia Credit Union in Atlanta.
- The $207 million Premier Community Credit Union in Stockton, Calif., with the $1.7 billion Federal Credit Union in Durham, North Carolina
- The $196 million Northeast Texas Credit Union in Lone Star with the billion dollars East Texas Professional Credit Union at Longview.
- The $137 million CORE Federal Credit Union in East Syracuse, NY in the $1.4 billion CFCU Credit Union in Ithaca, NY
Two credit unions approved for consolidation due to poor financial condition:
- The $8.1 million Federal Credit Union of West Jefferson in Marreo, Louisiana, in the $247 million New Orleans Firefighters Federal Credit Union in Metairie, Louisiana.
- The $3.1 million Prairie View Federal Credit Union in Prairie View, Texas with the $346 million Cy-Fair Federal Credit Union in Houston.
Two credit unions received the consolidation agreement due to the inability to obtain officials:
- The 95.7 million Prairie Federal Credit Union in Normal, Illinois, with the $493 million University of Illinois Credit Union in Champagne, Illinois.
- The $3.3 million Sherchem Federal Credit Unionin the 147 million dollars Lakeview Federal Credit Unionboth from Ashtabula, Ohio.
Two credit unions that were given the go-ahead to merge due to lack of sponsor support were:
- The $21.3 million Bashas Associates Federal Fund in Tempe, Arizona, with the $683 million First credit union in Chandler, Arizona.
- The $17.4 Million Consumer 1st federal credit union in the 212 million dollars Century Heritage Federal Credit Unionboth from Pittsburgh.
A credit union that received approval to merge due to loss or decline of membership scope was:
- The $70.3 million Primary source federal credit union in East Longmeadow, Massachusetts, with the $720 million Polish National Credit Union in Chicopee, Mass.