MADISON, Wis. (12/5/12)--Mergers continue to reshape the credit union marketplace nationwide.
Mergers initiated or in the works include:
- Safeway Los Angeles FCU, with $55 million in assets, Norwalk, Calif., has merged into $750 million Xceed Financial FCU, according to the Xceed FCU website. The merger was approved Nov. 7 by the National Credit Union Administration.
- Detroit (Mich.) Metropolitan CU, with $452 million in assets, and $24 million asset Clawson (Mich.) Community CU have merged, with Detroit Metropolitan remaining as the surviving credit union (Observer and Eccentric Dec. 2). The membership of Clawson Community CU approved the merger Oct. 25.
- Community First CU, with $143 million in assets, and located in Santa Rosa, Calif., has initiated a merger with $5.5 million Health Care Professionals of Napa (Calif.) FCU, according to the California Department of Financial Institutions (DFI) (DFI Monthly Bulletin October 2012).
- National 1st CU, with $208 million in assets, Santa Clara, Calif., has announced its intention to merge with $140 million asset San Jose (Calif.) CU, according to the California Department of Financial Institutions (DFI Monthly Bulletin October 2012).
- Valley First CU, with $410 million in assets, Modesto, Calif., will merge with $72 million State Center CU in Fresno, Calif., said the California Department of Financial Institutions (DFI Monthly Bulletin October 2012).
- Eaton County Educational CU, with $32 million in assets, Charlotte, Mich., will merge into $2.2 billion asset Michigan State University FCU, East Lansing, Mich. (Lansing State Journal Nov. 30). Eaton County Educational CU membership must approve the merger. Regulatory approval is also required.
- On a second vote, members of the Main Street Financial FCU, with $97 million in assets, Denham Springs, La., approved a merger with $283 million Jefferson Financial FCU, Metairie, La. Main Street will change its name to Jefferson Financial CU on Jan. 1 (The Advocate Dec. 3).
- Credit Union of America, with $488 million in assets, has merged with $72 million asset First Choice CU. Both credit unions are located in Wichita, Kan. The credit unions merged data systems this week (Wichita Eagle Dec. 4).