MADISON, Wis. (11/16/11)--Mergers continue to reshape the competitive landscape for credit unions.
Among the latest mergers in the works:
- Community 1st CU, Ottumwa, Iowa, with $359 million in assets, and Mental Health Institute (MHI) CU, with $2.2 million assets, Mount Pleasant, Iowa, have announced their merger. MHI CU will temporarily continue to operate at its location inside the Mental Health Institute. Plans are under way for a location off site to open membership to residents of Mount Pleasant and surrounding communities.
- Apple FCU, Fairfax, Va., completed its merger with Synergy One FCU, Manassas, Va., on Nov. 1. Apple is the continuing institution, adding $180 million to its $1.3 billion in assets, 45 new employees and $116 million in loans.
- Peninsula Methodist FCU, Crisfield, Md., with $300,000 in assets, has merged into Dover (Del.) FCU, which has more than $300 million in assets.
- The Kansas Department of Credit Unions and the National Credit Union Administration have given preliminary approval for a merger of $385 million asset Credit Union of America, and $70 million asset First Choice, both of Wichita, Kan. The merger must still be approved by the memberships of both credit unions.