ST. PAUL, Minn.-Two more troubled credit unions have found merger partners.
Hiway FCU, the state's fifth largest credit union, said it has merged with ailing Fort Snelling FCU, based in Minneapolis.
Fort Snelling, which has seen its assets decline from $38.2 million to $33.7 million over the past two years, reported losses of $450,000 for 2007 and $2.9 million for 2008. Hiway has $780 million in assets and reported net income of $1.6 million for 2008.
In California, the state regulator approved an application from The Golden 1 CU to acquire Steinbeck CU, the $50-million Salinas credit union that reported more than $800,000 of losses last year. The Golden 1 filed for the merger March 18 and received regulatory approval March 25, according to the Department of Financial Institutions. The Golden 1 plans to retain the smaller credit union's two branches.
