25 New Mergers Mean 200 Fewer CUs In '03

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NCUA said it approved another 25 credit union mergers last month, making a total of 301 mergers approved through the first 11 months of the year. The vast majority of mergers approved in November, 18, included one or more small credit unions under $5 million in assets, making 181 small credit unions that have disappeared through mergers in 2003. That means more than 200 small credit unions will disappear this year through both merger or liquidation.

The largest combinations approved last month were: JSC FCU, Houston ($560 million) with GTX CU, Houston ($15 million); Kemba Financial CU, Columbus, Ohio ($195 million) with Ackerman CU, Columbus ($35 million) and Huntsman FCU, Port Neches, Texas ($65 million) with Neches FCU, Port Neches ($65 million).

Ed Roberts can be reached at eroberts cujournal.com.

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