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News Now

CU System
Five more CU mergers in the works
MADISON, Wis. (7/8/11)--Consolidation in the credit union industry continues nationwide, including a merger between two of the largest credit union trust companies. Among the mergers in the works:
* BECU Trust Co., Tukwila, Wash., will merge with Members Trust Co., Tampa, Fla., forming the largest credit union service organization for trust services in the U.S., according to the two companies. Under terms of the merger agreement, BECU, with $165 million in assets under management will gain an ownership interest in Members Trust Company, which has $700 million in assets under management. * Towpath CU, with $76 million assets, Fairlawn, Ohio, and $39 million-asset TeleCommunity CU, Akron, Ohio, have merged. The continuing credit union will retain the Towpath name (Beacon Journal July 6). Alan McArthur, Towpath CU president/CEO; and Rose Bartolomucci, president/CEO of TeleCommunity CU, will operate the credit union as a team, with McArthur serving as CEO and Bartolomucci serving as president. * Charleston Newspapers FCU, Charleston, W.Va., with $2.4 million assets, has merged into $75 million-asset Members Choice WV FCU, also of Charleston (Daily MailJuly 4). * Birmingham (Ala.) News Employees CU, has merged into $560 million-asset Alabama One CU, Tuscaloosa, Ala. (Birmingham News July 1). * Huntingdon County FCU, with $11.9 million assets, Huntingdon, Pa., has merged into SPE FCU, with $65 million assets, State College, Pa. (Centre Daily Times July 5).


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