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Ohio league expects mergers to increase
COLUMBUS, Ohio (3/6/09)--The number of credit union mergers in Ohio rose in 2008, and mergers should continue to increase, said the Ohio Credit Union League, citing year-end data from the Credit Union National Association. Although the number of Ohio mergers slumped the past few years, there were 19 mergers in 2008. Ohio has 412 credit unions (eLumination March 4). The trend of increasing mergers should continue due to the troubled economy, and if the National Credit Union Administration’s Corporate Credit Union Stabilization Plan remains unchanged, said Dave Shoup, vice president of regulatory affairs for the league. In 2007, the national loan-to-share ratio was at a 28-year high. It decreased in 2008 to 81.1% nationally--75.6% for Ohio credit union unions. Overall, liquidity is tight, and earnings pressures are becoming more widespread due to economic forces and the added pressure of the stabilization plan, Shoup said.
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