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CU Merger Trend Continues
 MADISON, Wis. (6/10/13)--The merger trend among credit unions nationwide continues, with smaller credit unions seeking to offer their members a wider range of products, services and branches, and larger credit unions looking to increase their memberships.

Among the credit unions merging:

  • Capitol Region FCU, Wethersfield, Conn., with assets of about $30 million, will be consolidated with $200 million asset Dutch Point CU, also of Wethersfield. The ability to gain value for members was the reason cited for the merger by Jeanne Kelly, president/CEO of Capitol Region FCU.
  • First American CU, a part of First Community FCU, will merge with E&A CU, Port Huron, Mich. Once the merger is complete, the combined credit union will have more than 100,000 members and assets of nearly $1 billion (Beloit Daily News June 5). First American CU, based in Beloit, Wis., became a part of Parchment, Mich.-based $704 million First Community CU in 2010.
  • WECU CU, with $27 million in assets in Marysville, Ohio, has merged into the $192 million Pathways Financial CU, Columbus, Ohio. This merger follows a strategic merger model that Pathways used in 2012, in which each merging credit union continues to use the trade name associated with their former credit union. Pathways Financial was formed on Aug. 1, 2012, as the result of an unprecedented three-way merger by Members First, Powerco and Western credit unions. As a result of the latest merger, Pathways Financial has $219 million in assets and serves 27,819 members.
  • SELCO Community CU, based in Eugene, Ore., with $1 billion in assets, is merging with $33 million asset Greater Oregon FCU, Burns, Ore (Argus Observer June 1). Greater Oregon FCU members will benefit from the full range of banking, mortgage, business lending and insurance services that SELCO Community CU offers, said Bob Newcomb, SELCO Community CU president/CEO.
  • Tehachapi (Calif.) FCU has merged with Bakersfield, Calif.-based Kern Schools FCU, with $1.24 billion in assets (SNL Bank and Thrift Daily May 22). Tehachapi FCU, with $1.9 million in assets, is facing financial challenges, SNL Bank and Thrift Daily reported.
  • Centel CU, with $23 million in assets, in Owosso, Mich., has merged into the $549 million asset LAFCU in Lansing, Mich. The merger is expected to be completed in the fall (Argus Press May 18).
  • America's Christian CU, with $255 million in assets, in Glendora, Calif., will merge with $27 million asset Lutheran CU, Brea, Calif. (California Dept. of Financial Institutions DFI Monthly Bulletin April 2013).
  • Huntington Beach Calif.,-based, $1.2 billion asset NuVision FCU will merge with $103 million asset Pacific Resources CU, Los Angeles (California Dept. of Financial Institutions DFI Monthly Bulletin April 2013).
  • Alameda (Calif.) CU, with $33.9 million assets, is seeking regulatory approval to merge with Redwood City, Calif.-based, $1.73 billion asset Provident CU, also of Alameda (SNL Bank M&A Weekly May 6). Alameda CU cited rising overhead costs and more complicated regulations as among reasons the merger.
  • Fairfax, Va.-based Apple FCU, with $1.2 billion in assets, has merged with Vantria FCU, $72 million Springfield, Va. (Business Wire May 14). Apple FCU offered Vantria FCU members a greater range of personal banking options, said Robert Sowell Sr., Apple FCU vice president of community relations.
  • Middletown, N.Y.-based Hudson Heritage FCU, with $265 million in assets, is seeking a merger with $27 million MPO FCU, also based in Middletown (SNL Bank M&A Weekly May 22). MPO CU found it difficult to survive in the current environment in which interest rates are low, President/CEO Kelly Bilello said.
  • U.S. Coast Guard Community CU, with $33 million in assets, in Pasadena, Md., will merge into Tower FCU. The expected merger date is June 30. The Office of the Maryland Commissioner of Financial Regulation and the National Credit Union Administration approved the merger April 29. Laurel, Md.-based Tower FCU has more than $2.6 billion in assets and 126,000 members.


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