ALEXANDRIA, Va. – Increasing numbers of credit unions are opting for mergers rather than cope with the difficult economic conditions that are causing them to report losses.
Almost half the mergers approved by NCUA last month involved a credit union with first quarter losses, NCUA reported Friday.
That includes: Traditions FCU, a $45 million Toccoa, Ga., credit union with a $3 million 2007 and $333,000 first quarter 2008 loss, merging into Doco Regional FCU, in Albany, Ga.; Peoples and Employees FCU, a $14 million, Fort Wayne, Ind., credit union (-$7,000); Riverview FCU, Gardiner, Maine (-$91,000); SHHS FCU, Homestead, Penn. (-$41,000); SPINC FCU, Lee., Mass. (-$13,000); and First Combined Community FCU, Upper Marlboro, Md. (-$145,000).
Several tiny credit unions with first quarter losses are being merged out, said NCUA. They include: Jack Armstrong FCU, Hoeganaes Employees FCU, Hunt Columbus FCU, St. Mary’s County FCU and Solimar CU.
Separately, St. Mary’s Hospital CU, a $2.7 million Green Bay, Wis., credit union that lost $80,000 last year, on Friday announced it has agreed to merge into the larger Pioneer CU.
