ALEXANDIA, Va. – Five more billion-dollar-plus credit unions were approved to acquire smaller credit unions, NCUA reported this afternoon, continuing a trend where the big are gobbling up the small.
Two billion-dollar credit unions, Indiana’s Teacher CU and Wisconsin’s Landmark CU, were approved for two mergers each, while three more, Chevron FCU, Texas Dow Employees CU, and Elevations CU, were also cleared for mergers.
Teachers CU will acquire Double Eleven FCU, a $36 million Indianapolis credit union, and $13 million New Albany Schools FCU;
Landmark CU will acquire Midwest Utilities CU, in Waterloo, Iowa, and Brownberry CU, in Oconomowoc, Wis.;
Chevron FCU will acquire Stewart FCU in Houston;
Texas Dow Employees CU will acquire troubled San Jacinto Area FCU, in Pasadena, Texas;
And Elevations CU, In Boulder, Colo., will acquire St. Vrain Valley FCU.
NCUA also approved mergers for $900 million Metro CU, Chelsea, Mass., with $22 million Secure FCU in nearby Melrose, Mass.; and $960 million Covantage CU, Antigo, Wis., with $24 million Marathon Rothschild CU in Rothschild, Wis.
Also cleared for mergers this afternoon were: $480 million Kemba CU, $440 million Insight CU, $380 million Credit Union of America, $390 million First South Financial FCU, $370 million Kellogg Community FCU, $350 million Educational Community FCU, $330 million Resource One FCU and $320 million Abilene Teachers FCU.
NCUA approved 33 mergers for the month, the most of any month so far in 2011.
