PLANO, Texas-Credit unions are continuing to merge, with the activity primarily driven by small, poor-performing credit unions being absorbed by their larger brethren.
Among the mergers, InTouch CU has agreed to acquire Dr. Pepper Employees FCU, a single-branch, $3.2-million credit union also located in Plano. North East Texas Teachers CU, a $20 million Paris-based credit union, also has applied to absorb District 1 THD CU.
Meanwhile, NCUA said it approved 34 mergers in March-the most for any one month in almost a decade. Among the credit unions NCUA says are being merged out because they are in "poor financial condition" are: Centel FCU, a $22-million Owosso, Mich, CU into $530-million LAFCU; Zane Trace FCU, a $17-million Zanesville, Ohio, CU into $310-million Bayer Heritage FCU; $14-million Stevenson (Ala.) FCU into $490-million Family Security FCU; $8-million Delta Wye FCU, Dorchester, Mass. into New England Teamsters Federal Credit Union; and, Electric Workers Union 474 IBEW, Memphis, Tenn. into $50-million Shelby County FCU.
Other credit unions being merged out are $52-million StarTrust FCU into InvestTex FCU; Badger Campus CU into Landmark Credit Union; Brockton Mass. Postal Employees FCU into Crescent CU; Capital Region FCU, Wethersfield, Conn. into Dutch Point FCU; Freedom Financial FCU, Fort Wayne, Ind. into Fire Police City County Federal Credit Union; Hawthorne CU into $530-million Great Lakes Credit Union; Park Schools FCU, St. Louis Park, Minn. into United Educators FCU; Price CU, Prentice, Wis. into Heritage CU; Niagara Falls Policemen's FCU into Niagara Falls Teachers FCU, and Potelco United CU, into Idaho Advantage FCU to form Connections CU.
Meanwhile in Utah, the $190-million Wasatch Peaks FCU is absorbing via merger the $90-million SummitOne FCU.
