MADISON, Wis. (3/1/13)--The credit union industry continues to consolidate, with mergers announced in the past week by credit unions in six states. They include:
New Mexico: Members of Albuquerque-based New Mexico Energy FCU, with $50 million in assets, voted Wednesday night to merge with the $1.29 billion asset New Mexico Educators FCU, also based in Albuquerque. The credit unions' websites said 91% of voting members approved the merger. The merger was attributed to New Mexico Energy's small size, increased competition and economic pressures that affected its growth while expenses rose (Albuquerque Business First Online Feb. 21).
Connecticut: Charter Oak FCU, a $750 million asset credit union in Groton, Conn., has filed an application with state and federal regulators to merge with Putnam, Conn.-based, $1.2 million asset Quiet Corner Community CU. If approved, Quiet Corner would become Charter Oak's 13th branch in the region. Audrey Lefevre, Quiet Corner manager and treasurer, would remain on staff to head Charter Oak's new operations in Putnam. Quiet Corner has 611 members; Charter Oak has nearly 65,000 members (The Day Feb. 27).
Texas-Kansas: Fort Worth, Texas-based Unity One CU has acquired Argentine CU of Kansas City, Kan. Adding the 1,900-member and $19 million assets of Argentine CU brings Unity One to 24,000 members and more than $212 million in assets (LoneStar Leaguer Feb. 27).
Texas: Two Fort Worth, Texas-based credit unions will combine, effective May 31 (LoneStar Leaguer Feb. 27). Fort Worth Telco CU will merge with EECU in an effort to provide enhanced product and service offerings to Telco's 5,000 members. EECU serves more than 167,000 members and has nearly $1.5 billion in assets.
Michigan: The merger of Charlotte, Mich.-based Eaton County Educational CU into East Lansing, Mich.-based Michigan State University FCU is set to take effect on April 1 (SNL Bank and Thrift Daily Feb. 22 and Lansing State Journal Feb. 21). ECECU has $32.8 million in assets and nearly 4,000 members who work in the county's schools and businesses. Michigan State University has $2.3 billion in assets and about 169,000 members. The merger was approved by state and federal regulators. Earlier this month, about 95% of voting members at ECECU voted for the consolidation. Its leaders proposed the merger as a result of economic conditions that made it challenging to grow. ECECU staff will become MSUFCU employees.
Ohio: Athena CU, a $14.2 million asset credit union in Springfield, Ohio, will merge into International Harvester Employee CU, a $255 million asset credit union, also located in Springfield. Board members of both credit unions voted Feb. 20 to merge. The merger will be effective April 1. IHECU has more than 15,800 members and Athena has 1,933 members. Athena's staff will become employees of IHECU.