MADISON, Wis. (2/5/13)--Credit union mergers or intentions to merge have been announced in four states in a continuation of the consolidations trend.
The mergers include:
- Metro CU, based in Chelsea, Mass., with $1.036 billion in assets, plans to acquire Ashland, Mass.-based Fenwal CU, with $1.8 million in assets (SNL Bank and Thrift Daily Jan. 18). It is anticipated the merger will be finalized in March. Fenwal's one branch will close and its two employees will join Metro CU's staff.
- Postal Employees CU in Brockton, Mass., with $10.5 million in assets, intends to merge into Crescent CU in Brockton, with $411 million in assets (Enterprisenews.com Feb. 1). Crescent CU has nearly 47,000 members and eight branches in the three Massachusetts cities. Postal Employees CU has one branch inside the Brockton post office and 1,890 members.
- The $212 million asset Garden Savings FCU in Parsippany, N.J., and Denville, N.J.-based NWNJ FCU, with $2.2 million in assets, announced they have merged, effective last Friday. The credit unions will operate under the Garden Savings name. Garden Savings' 21,000 members will be joined by NWNJ FCU's 700-plus members, Garden Savings said in a press release Friday.
- The $192.5 million asset Rio Grande CU based in Albuquerque, N.M., acquired Albuquerque-based New Mexico Central CU, with $25 million in assets, in a deal that finalized the account conversion on Dec. 15. The grand opening of the merged credit union occurred Jan. 19 (SNL Bank and Thrift Daily Jan. 16). The merger created an institution with 23,000 members and $228 million in assets.
- San Francisco Fire CU, with $880.5 million in assets, completed its acquisition last month of the $12.8 million asset San Francisco-based Bay Media FCU (SNL Bank and Thrift Daily Jan. 16). With the merger, San Francisco Fire CU adds one branch for a total of four--three in San Francisco and one in Pacifica.
- San Jose, Calif.-based Electric FCU, with $11.5 million in assets, has merged into the $352.3 million asset Alliance CU in San Jose (SNL Bank and Thrift Daily Jan. 16).