ALEXANDRIA, Va. – Several more large credit unions were cleared to acquire troubled smaller ones, NCUA reported Friday, continuing a trend.
Among the deals approved by NCUA are: SAFE FCU to acquire American River HealthPro FCU; Alaska USA FCU to merge High Desert FCU; Credit Union West to absorb Sun Country FCU; EDS CU to acquire First American FCU and Corporate America FCU to merge Rawhide FCU.
American River HealthPro is a $215 million Sacramento credit union that lost $7.5 million in the first quarter. High Desert is a $110 million institution in Apple Valley, Calif., that lost $13 million in the first quarter. Sun Country is a $45 million credit union in Sun City West, Ariz., that lost $400,000 in the first three months. First American is a $22 million Santa Ana, Calif., credit union that reported a $1 million first quarter loss. Rawhide is a $2 million, Elgin, Ill., institution that lost $38,000 in the period.
Also California Coast CU, the $1.8 billion San Diego credit union giant that reported a $5.2 million loss for the first quarter, was approved to acquire Financial 21 Community CU, also in San Diego, which had a $1 million first quarter net.
Several other credit union struggling with losses were approved for mergers, NCUA said Friday. They are: Greater Warren Community FCU, Warren, Ohio; Ohio Carpenters FCU, Mentor, Ohio; Mutual FCU, Toledo, Ohio; Landmark Communication Employees FCU, Virginia Beach; Memorial Health System Employees FCU, Springfield, Ill.; Chicanos Por La Causa FCU in Phoenix; and Grocers Financial Services FCU, Little Rock, Ark.
