Giant CUs Feed On More Mergers
ALEXANDRIA, Va. – NCUA reported yesterday it approved the merger of troubled First Metropolitan CU, a one-time $210 million Concord credit union, into $1.6 billion Travis CU, one of four more mergers involving billion-dollar credit unions.
First Met lost $3.5 million for the first three quarters of 2010, after losing $3.6 million in 2009, while its net worth ratio declined to just 3.3% as of Sept. 30.
Also approved was Eastman CU’s ($2.4 billion) acquisition of Holston Valley FCU ($12 million); Affinity Plus FCU’s ($1.3 billion) deal for Commo Northtown Community FCU ($36 million) and Ascend FCU’s ($1.4 billion) merger with Co-Op Employee CU ($3 million).
NCUA also approved the merger of First Service FCU and Right Choice FCU creating a $300 million Houston credit union; and Mainstreet FCU, the fourth-largest credit union in Kansas, to acquire $13 million Wyandotte FCU.