Last Edition At West Virginia Newspaper CU
CHARLESTON, W.Va. – In the latest merger of ailing newspaper credit unions, Charleston Newspapers FCU has stopped its presses and combined with much larger Members Choice WV FCU.
The struggling newspaper credit union had just 310 members and $2.4 million in assets. It reported a $3,932 loss for the first quarter. The tiny credit union was chartered in 1939 to serve employees of the Gazette and Daily Mail.
The elimination of the local newspaper employees credit union follows recent mergers of: Media Hawaii FCU, the credit union for the Honolulu Star Bulletin; Madison News CU, which served Wisconsin’s Capital Times, Wisconsin State Journal and Capital Newspapers; Fort Worth Telegram Employees FCU; Boston Globe Employees CU; (New Orleans) Times Picayune Employees CU; and, First Edition Community CU, which served the Arizona Republic newspaper.
Separately, Huntingdon County FCU and SPE FCU said they have completed their merger agreement, which will create a credit union of $77 million and two Centre County locations.