Katrina-Damaged CUs Seek MergerMates

NEW ORLEANS - (04/27/06) – Several Gulf-area credit unionsdamaged by Hurricane Katrina last year have thrown in the towel andbegun seeking merger partners. NCUA said it approved three suchmergers last month, including that of Gulfport CBC FCU, inGulfport, Miss., which is being merged into Navy FCU. The tinycredit union reported loan delinquencies of 2.6% and a $112,000loss for 2005. Other area credit unions being merged are: State& Parish Employees FCU, Baton Rouge, with just $115,000 inassets and losses of $26,000 for 2005, being merged into NewOrleans’ Firemens’ FCU, Metairie, La.; and FalstaffEmployees and Former Employees CU, Metairie, with just $120,000 inassets, into Louisiana Central CU, in Harahan, La. Separately, NCUAalso approved two mergers for Marine CU, Fond Du Lac, Wis. ($200million) of Advantage CU, Onalaska, Wis. ($90 million) and CentralCU, Waupun, Wis.($350,000). NCUA also approved the merger ofSouthern Baptist CU, Brea, Calif ($9 million) into ChristianCommunity CU, Covina, Calif., the nation’s largestfaith-based credit union with $450 million in assets.