Big CUs Add Smaller Institutions Through Mergers
ALEXANDRIA, Va. – Georgia’s Own CU, a $1.6 billion Atlanta credit union, was cleared to acquire two small credit unions, two of several mergers of small institutions into giant credit unions, NCUA reported yesterday.
Georgia’s Own was approved to acquire Georgia State University FCU, a $14 million Atlanta credit union, and Chevron Southern FCU, a $4 million credit union also in Atlanta.
NCUA said it approved an application from Community First CU, a $1.4 billion Appleton, Wis., credit union, to acquire Manitowoc Employees CU, a $2 million Manitowoc credit union.
NCUA also approved the mergers of $13 million Palo Alto Community FCU into $600 million San Mateo CU; and of Focus One Community FCU, a $92 million Monrovia, Calif., credit union, into First City FCU, a $365 million Los Angeles credit union.
Several troubled credit unions were approved to be merged out, including: Partners CU, Strum, Wis.; Synergy Eastex FCU, Longview, Texas; Dixie Cup Employees FCU, Easton, Penn.; and, Communication Services FCU, Lansing, Mich.