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News Now

Washington
Service Expansions Behind July CU Mergers
ALEXANDRIA, Va. (8/28/13)--There were 23 credit union mergers approved by the National Credit Union Administration in July, with 16 of these mergers being made in a bid to expand credit union services to new membership.

Billion-dollar credit unions such as Westerra CU, Denver, Colo., TTCU The Credit Union in Tulsa, Okla., and Western FCU, Manhattan Beach, Calif., were among those that were approved to expand their service areas by merging with smaller neighbors. Other mergers approved by the NCUA included:
  • Lima Ohio Postal Employees FCU, which merged into nearby Topmark FCU due to a lack of growth;
  • Harper & Row Keystone Employees FCU, Throop, Pa., which merged into Scranton, Pa.'s Penn East FCU due to a declining field of membership;
  • Angelus Can Employees FCU, Los Angeles, which lost its sponsorship and merged into Vons CU, El Monte, Calif.; and
  • Delta Wye FCU, Dorchester, Mass., which was merged into River Works CU, Lynn, Mass., due to poor financial conditions.
Middlsex Healthcare FCU, Middletown, Conn., and Savage Arms Employees CU, Westfield, Mass., were both approved to merge into other credit unions after they failed to obtain officials. Seasons FCU, Middletown Mass., will take on Middlesex members and assets, and Pioneer Valley FCU, Springfield, Mass., will take on the members and assets of Savage Arms Employees, according to the agency.

The July Insurance Report of Activity also noted one approved common bond expansion, 614 approved and 20 deferred multiple common bond expansions, and six approved and two deferred community expansions.

For the full NCUA report, use the resource link.
Other Resources

NCUA Release
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