ALEXANDRIA, Va. NCUA on Thursday said it approved another 20 mergers, more than half of them being large credit unions acquiring troubled institutions.
Greylock FCU, a $1.1-billion Pittsfield, Mass., credit union, was cleared to acquire Williams College Employees FCU, a $2-million credit union NCUA says is in poor financial condition; Hanscom FCU, with $1 billion, was approved to merge into it North Shore Manufacturers FCU, a $6-million Beverly, Mass., credit union with losses in three of the last four years; Tennessee Valley FCU, a $900-million Chattanooga credit union, will merge Chattanooga City Employees FCU a $10-million credit union NCUA cites as being in poor financial condition; and Operating Engineers Local Union #3 FCU, an $800-million Livermore, Calif., credit union, is acquiring Sheet Metal Workers Local #312, a troubled, $4-million Salt Lake City credit union.
In addition, $860-million TruStone FCU, in Plymouth, Minn., was cleared to acquire Ladish Community FCU, a $14-million Cudahy, Wis., credit union NCUA labeled as in poor financial condition.
Also cleared for mergers were Finance Center FCU in Indianapolis (with $62-million Horizon One FCU); ABNB FCU in Chesapeake, Va. (with $4-million Norfolk FCU); University of Virginia Community CU of Charlottesville (with $150,000 Mt. Zion Community FCU); International Harvester Employees FCU in Springfield, Ohio (with $13-million Athena FCU); and International Airline Employees FCU, a $33-million Briarwood, N.Y., credit union (with Irish Air Lines FCU in Jericho, N.Y.).
