MADISON, Wis. (11/16/12)--A plethora of credit union mergers nationwide have occurred or have been put in motion during the past several weeks.
Here are the latest changes:
- Piedmont Advantage CU, a $226 million asset credit union based Winston-Salem, N.C., has acquired East Coast CU in Wilmington, N.C., with $8.3 million in assets, effective at the end of November. Piedmont has nine branches, and East Coast has one branch that serves a nine-county area (The Business Journal of the Greater Triad Area Online Nov. 15).
- Prior Lake, Minn.-based South Metro FCU, with $84.5 million in assets, acquired North Country Cooperative FCU, based in Minneapolis, with $6.4 million in assets (The Jordan, Minn., Independent Nov. 5).
- United Food and Commercial Workers Local 880 CU in Cleveland, with $10.3 million in assets, closed its doors Nov. 2 and merged Nov. 5 into Firefighters Community CU (FFCCU), a $184.3 million asset credit union based in Cleveland. With the merger, FFCCU has $195 million in assets and serves about 27,500 members.
- Macon, Ga.-based Smith & Sons Employees CU, with $417,000 in assets, merged Oct .1 into Atlanta (Ga.) Postal CU, which has more than $2 billion in assets, 106,000 members and eight branches.
- The Pennsylvania Department of Banking approved the merger of $27.8 million asset Bucks County Community College (BC3) Employees FCU in Doylestown, Pa., into Trevose, Pa.-based TruMark Financial CU, with $1.38 billion in assets, on Oct. 1.
- St. Luke Parish FCU, with $8.9 million in assets, in Dayton, Ohio, merged into $77 million asset Incenta FCU in Englewood, Ohio, effective Nov. 13. Incenta now has more than $85 million in assets and 11,000-plus members.
- Members of the $20.2 million asset Mercy CU in Miami voted Nov. 5 to merge into $133.8 million asset JetStream FCU in Miami Lakes, Fla. The merger will become effective Dec. 31. The combined credit union will have more than $150 million in assets, eight branches and more than 19,000 members in Miami Dade County and Puerto Rico.
- San Jose (Calif.) CU, with $130 million in assets, will merge into National 1st CU, based in Sunnyvale, Calif., with more than $210 million in assets (Investment Weekly News Nov. 17). The merger has been approved by the National Credit Union Administration and the California Department of Financial Institutions. About 90% of San Jose CU members voted in favor of the merger.
- Members of Berlin, N.H.-based Woodlands CU, with $91 million in assets, voted Oct. 27 to merge into Portsmouth, N.H.-based Northeast CU, with $726 million in assets (New Hampshire Union Leader Nov. 6). The merger will take effect Jan. 1. The proposed merger sparked protests from some members, but 60% of Woodland members voted in favor of it.