Credit Unions In 300 Mergers During 2004
NCUA approved 70 mergers in the final two months of 2004, making a total of 300 credit union marriages for the year. The 300 mergers was down slightly from the 317 mergers approved in 2003, but about the average for the past five years.
The last two months claimed 45 more small credit unions under $5 million, meaning 218 small credit unions disappeared through mergers last year.
The biggest mergers approved in 2004 were: Wescom FCU, Pasadena, Calif. ($2.6 billion) with Unocal FCU, El Segundo, Calif. ($110 million); Texas Dow Chemical Employees FCU, Lake Jackson, Texas ($780 million) with Texas Crossroads CU, Victoria, Texas ($75 million); Rockland FCU, Rockland, Mass. ($700 million) with 1st Universal FCU, Randolph, Mass. ($42 million); and State Employees CU, Lansing, Mich. ($660 million) with Ottawa County School Employees CU, Grand Haven, Mich. ($80 million).
The biggest combinations approved in the last two months were: Covantage CU, Antigo, Wis. ($450 million) with Eagle Country FCU, Crystal Falls, Mich. ($45 million); Suncoast Schools FCU, Tampa, Fla. ($4.4 billion) with HSN FCU, Clearwater, Fla. ($12 million); AEDC FCU, Tullahoma, Tenn. ($980 million) with Maury Progressive CU, Columbia, Tenn. ($7 million); Beacon CU (formerly Wabash County Farm Bureau CU), Wabash, Ind. ($530 million) with Saginaw Community CU, Peru, Ind. ($35 million); Communications Family FCU, Saginaw, Mich. ($410 million) with Midland Area FCU, Midland, Mich. ($22 million); and Tellesis CU, Chatsworth, Calif. ($480 million) with New World FCU, Lafayette, Calif. ($9 million).
Also, fast-growing Self-Help CU, the nation's leading community development credit union, based in Durham, N.C. ($175 million) agreed to merge with Scotland Community CU, Wagren, N.C. ($8 million).