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News Now

CU System
Mergers Of CUs Ongoing
MADISON, Wis. (7/25/13)--Several mergers or planned mergers of U.S. credit unions are in the works, as the consolidation trend continues.
 
The mergers or intended mergers:
  • Mount Olivet FCU, with $258,000 assets in Columbus, Ohio, has merged into Columbus-based Telhio CU, with $477 million in assets, to give members additional benefits such as direct deposit and online banking (The Columbus Dispatch July  22).
  • Dublin, Ohio-based Healthcare FCU, with $52 million in assets, will merge Aug. 1 with $16.4 million asset MedPro FCU, based in Akron. Healthcare FCU will be the operating credit union (Business First of Columbus Online July 16).
  • Security One FCU, based in Arlington, Texas, with $55 million in assets, has signed an intent to merge into Texas Trust CU, a $748 million asset credit union based in Mansfield, Texas (Mergers & Acquisition Week July 24). The merged institution will have 12 branches. The merger will provide more benefits to Security One members, and  give Texas Trust a presence in Arlington.
  • $140 million asset USU Charter FCU, based in Logan, Utah, announced on July 2 its intent to merge into Goldenwest FCU, Ogden, with $814.5 million assets (Cache Valley Daily.com July 2). The merged entity, operating  as Goldenwest, will have 26 branches, $985 million assets and more than 106,000 members.
  • Parchment, Mich.-based First Community FCU, which has $682.4 million in assets, plans to merge with $264.3 million asset E&A CU in Port Huron (MiBiz.com June 23). Pending regulatory approval, the two credit unions intend to complete the merger later this year. The merged credit union will operate under a new name.
  • Quiet Corner Community CU, based in Putnam, Conn., and having $1.7 million in assets, has merged into Groton-based, $764 million asset Charter Oak FCU. As a result of the merger, Charter Oak's new Putnam branch absorbed Quiet Corner's former operations in Putnam, Charter Oak said on its website.
  • Kilowatt CU, with $22.7 million in assets, in Madison, Wis., will merge into Madison-based Heartland CU, with $191.5 million assets, on Aug. 1 (Channel3000.com July 21). Heartland will provide services to Kilowatt members that they couldn't previously obtain, said Kilowatt President/CEO Nick Troia.
  • The $300,000 asset DairyPak Athens CU in Athens, Ga., has merged into First Reliance CU, also of Athens, with $1.7 million in assets, so DairyPak Athens can offer its members a full range of services (OnlineAthens July 13).
The National Credit Union Administration said in its June Insurance Report of Activity that it approved 18 completed mergers in June. That  compares with 15 competed mergers in June 2012.


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