ALEXANDRIA, Va. - NCUA has approved another 19 mergers, at least a dozen of which will eliminate troubled credit unions.
Among the mergers approved by the federal regulator are: Red Crown CU, Tulsa, Okla., to acquire Mayes County FCU, a $21-million credit union with a $2.8-million first quarter loss; Lapeer County Community CU, Lapeer, Mich., to acquire Security FCU, a $272-million credit union with a $157,000 first quarter loss and Beacon Community CU, a $37-million Louisville credit union to absorb 1st United Labor FCU, a $3.5-million credit union with an $84,000 loss in the first quarter.
NCUA also approved mergers of several other credit unions it called either in poor financial condition, having poor management or having losses/declining management.
They are: Spanish American Community Club FCU (into Bethex FCU); Artists Community FCU (into Education Affiliates FCU); North Star CU (into Superior FCU); Electricians 82 FCU (into Heartland FCU); Union Pacific & Transportation Employees FCU (into Texas Telcom CU) and St. John Vianney FCU (into San Antonio FCU).
Several other credit unions being merged are just barely profitable. Like M-N Employees CU, a $5-million San Jose, Calif., credit union with a $575 first quarter net that is being merged into giant Star One CU; IBEW Local 531 CU, a $3-million Laporte, Ind., credit union with a $913 first quarter net, being combined with First Trust CU and Sherwin-Williams Texas FCU, a $4-million Garland, Texas, credit union that broke even in the first quarter with a $0 net that is being acquired by America’s CU.(c) 2008 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved.http://www.cujournal.com http://www.sourcemedia.com
