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News Now

CU System
Mergers Announced By CUs Across the Country
MADISON, Wis. (2/15/13)--Several credit unions nationwide have recently announced mergers or intentions to merge.

They include:

  • Houston-based El Paso Corp. FCU (EPCFCU), with $121 million in assets, announced plans to merge into First Service CU in Houston, with $331 million in assets, First Service said in a press release Wednesday. The merger is tentatively scheduled to be completed this spring, pending regulatory approval and a passing vote by EPCFCU members. The combined organizations will continue as First Service CU and will have roughly $450 million in assets.
  • The boards of Mendo Lake CU (MLCU) in Ukiah, Calif., with $123.4 million in assets, and Fort Bragg (Calif.) Community FCU (FBCFCU), with $30.6 million in assets, have signed a memorandum of understanding for FBCFCU to merge into MLCU, pending a vote by FBCFCU members (lakeconews.com Feb. 8). MLCU will be the continuing credit union.
  • The $209 million asset National 1st CU in Santa Clara, Calif., requested approval last month from the California Department of Financial Institutions (DFI) to merge with San Jose (Calif.) CU, with $141 million in assets, according to the DFI's January Monthly Bulletin.
  • Milestone CU in Birmingham, Ala., with $20.2 million in assets, has merged into Tuscaloosa, Ala.-based Alabama CU, with $517 million in assets, effective Feb. 1 (The Birmingham News Feb. 10).
  • The $39.1 million asset Premier Source CU in East Longmeadow, Mass., has applied for permission to acquire Wemelco in Springfield, Mass., with $31 million in assets, according to the Massachusetts Division of Banks January Activity Report.
  • Preferred FCU in Greenville, Mich., with $51 million in assets, is proposing a merger with $88 million asset Grand Valley Co-op CU in Grand Rapids, Mich., according to Preferred FCU's website. The continuing entity would be Preferred CU. The merger is contingent upon membership and regulatory approval.


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