WASHINGTON (5/1/12)--The National Credit Union Administration (NCUA) announced 21 mergers in March, citing six primary reasons for the consolidations.
Among the reasons cited for the mergers were expanded services, poor financial conditions, poor management, lack of sponsor support, lack of growth and loss of field of membership.
Credit Union National Association statistics show 14 mergers of affiliated credit unions took place in March, and a total of 54 mergers of affiliated credit unions had taken place year to date through March. That compares with 61 mergers of affiliated credit unions year-to-date in 2011.
NCUA approved the following mergers:
- Anne Arundel Co. Employees CU, with $82 million assets, Millersville, Md., into $2.2 billion State Employees CU of Maryland, Linthicum, Md.
- Sparks (Nev.) City Employees FCU, with $13 million assets, into $103 million asset Great Basin FCU, Reno, Nev.
- Filene FCU, with $19 million assets, Boston, into $621 million Webster First FCU, Worcester, Mass.
- Connecticut Energy Employees FCU, with $3 million assets, Bridgeport, Conn., into $234 million asset Mutual Security FCU, Shelton, Conn.
- Valleystone CU, with $65 million in assets, Willbraham, Mass., into $412 million asset Polish National CU, Chicopee, Mass.
- Dixiecon FCU, with $227,000 in assets, Richmond, Va., into $28 million asset Hopewell (Va.) Chemical FCU.
- McKinley Memorial FCU with $79 million in assets, Willow Grove, Pa., into $532 million asset Freedom CU, Warminster, Pa.
- St. Agnes Hospital FCU, with $4 million in assets, Fresno, Calif., into $1.9 billion asset Educational Employees CU, also of Fresno.
- Intext Employees FCU, with $1 million assets, Scranton, Pa., into $165 million asset NET FCU, also of Scranton.
- Kingdom FCU, with $415,000 in assets, Norfolk, Va., into $375 million asset ABNB, Chesapeake, Va.
- East Bay Postal FCU, with $8 million assets, Oakland, Calif., into $187 million asset Pacific Postal CU, San Jose, Calif.
- Wilberforce University FCU, with $148,000 in assets, into $84 million asset Heartland FCU, Dayton, Ohio.
- West Ohio United Methodist Conference CU, with $20 million in assets, Cincinnati, into $56 million asset, East Ohio Methodist CU, North Canton, Ohio.
- Area West FCU, with $273,000 in assets, Houston, into $39 million Transtar FCU, also of Houston
- HHA FCU, with $929,000 in assets, Houston, into $33 million $33 million asset Space City CU, also, of Houston.
- Ely (Minn.) Steel workers CU, with $799,000 in assets, into $31 million asset Northridge Community CU, Hoyt Lakes, Minn.
- Bilt-Well CU, with $922,000 in assets, Dubuque, Iowa, into $28 million asset Holy Ghost Parish CU, also of Dubuque.
- Hometown CU, with $7 million in assets, Quincy, Ill., into $51 million asset United Community CU, also of Quincy.
- Madison V.A. Employees' CU with $2 million in assets, Madison, Wis., into $120 million asset Dane County CU, also of Madison.
- Tower CU, with $45 million in assets, Wausau, Wis., into $356 million asset Connexus CU, also of Wausau.
- Metro CU with $30 million in assets, Superior, Wis., into $77 million asset Hermantown (Minn.) FCU.