ALEXANDRIA, Va. – At least a half dozen credit union giants were approved to absorb ailing smaller credit unions last month, as NCUA struggles to keep the costs down to resolve troubled credit unions.
The credit unions approved to acquire institutions in the red are: SchoolsFirst FCU (El Camino College CU); The Golden 1 CU (Steinbeck FCU); Westerra CU (Jeffco Schools FCU); Georgia’s Own FCU (Retail Employees FCU) and Truliant FCU (Jefferson-Pilot Communications FCU).
Also: I.H. Mississippi Valley FCU was approved to acquire Abingdon Pottery FCU and Rivermark Community FCU was approved to acquire Oregon Territory FCU.
In the previous two months several other credit union giants were cleared to absorb smaller institutions, including Virginia CU, Indiana Members CU, HarborOne CU, Public Services CU of Denver and HiWay FCU.
Eleven of the 16 mergers approved by NCUA last month will result in a small credit union under $10 million being merged out.
