CU Pac-Man: Giant CUs Acquiring Larger CUs

ALEXANDRIA, Va. - Credit union giants, consumed in recent years with adding troubled small credit unions through merger, have been devouring large healthy credit unions in recent months. NCUA reported yesterday it approved several more mega-mergers, including: CommunityAmerica CU, Kansas City ($1.5 billion) with Midwest United CU, Blue Springs, Mo. ($170 million); Meriwest CU, San Jose, Calif. ($1.2 billion) with Golden Bay CU, Mountain View, Calif. ($210 million); and Xerox FCU, El Segundo, Calif. ($725 million) with Tiger FCU, the credit union for Federal Express workers ($60 million). That follows recent deals to merge Toyota FCU ($275 million) into Western FCU ($1.2 billion); Capital Power CU ($60 million) into SAFE CU ($1.4 billion); Torrco Employees FCU ($30 million) into Founders FCU ($1.2 billion), and the pending merger of Horizons CU ($35 million) into Security Service FCU ($4 billion).