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CUs Add More Mergers To the Consolidation Trend
MADISON, Wis. (11/12/13)--Mergers continued to redefine the credit union landscape nationwide, as credit unions consolidate to meet an increasing burdensome regulatory environment and to continue serving the growing needs of their memberships.
 
The merger between San Antonio-based Firstmark CU, with $794 million in assets, and $20 million asset Southside CU, also of San Antonio, has been finalized. The credit unions expect to integrate operations by Dec. 1, the Cornerstone Credit Union League said (Leaguer Nov. 7). Leon Ewing, president/CEO of Firstmark CU, will continue to lead the combined organization.
 
Fire Police County FCU,with $97 million in assets, Fort Wayne, Ind., has merged with $4 million N&W FCU, New Haven, Ind., effective Nov. 1.
 
The National Credit Union Administration has approved the merger of $3.2 billion asset Visions FCU, Endicott, N.Y., with $81 million asset CTCE FCU, Reading, Pa., said the Pennsylvania Credit Union Association (Life is a Highway Nov. 4). The merger is scheduled to be finalized Dec. 1.
 
Erie (Pa.) FCU, with $380 million in assets, has merged with $6 million asset  Erie (Pa.) Flagship Community FCU, effective Nov. 1 (Life is a Highway Nov. 5). The merger will expand Erie FCU's presence in Northwest Pennsylvania and offer Erie Flagship Community FCU members additional financial products and services, including with online and mobile banking.
 
McKee CU, with $14 million in assets in Collegedale, Tenn., has merged into Western FCU, Manhattan Beach, Calif. In addition to the current McKee Branch, members now have access to Western's network of 43 multi-state branch locations, including five branches in Northwest Arkansas.
 
Capitol Region FCU, with $30 million in assets, Wethersfield, Conn., has merged into $194 million asset Dutch Point CU, also of Wethersfield.
 
SIR FCU, with $77 million in assets, Negaunee, Mich., is merging with $469 million asset Honor CU, St. Joseph, Mich. (SunnyFM Oct. 11).
 
United Services CU, with $60 million assets, Ashville, N.C., has merged into Durham, N.C.-based Self-Help CU, with $583 million in assets (MarketLine Oct. 1).
 
The Massachusetts Division of Banking has approved the merger of $90 million asset River Works CU, Lynn, Mass., with $6 million asset Delta-Wye FCU, Dorchester, Mass. Under the terms of the agreement, Delta-Wye will be retained as a branch office of River Works CU.


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