ALEXANDRIA, Va. NCUA on Friday said it approved 34 mergers in March the most for any one month in almost a decade as an increasing numbers of troubled credit unions are being combined with healthier institutions.
Among the credit unions NCUA says are being merged out because they are in “poor financial condition” are: Vantria FCU, a one-time $84-million Springfield, Va. Credit union (into $1.4-billion Apple FCU); Centel FCU, a $22-million Owosso, Mich., credit union (into $530-million LAFCU); Zane Trace FCU, a $17-million Zanesville, Ohio, credit union (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 FCU); and, Electric Workers Union 474 IBEW, Memphis, Tenn. (into $50-million Shelby County FCU).
Other credit unions plagued by losses that are being merged out are: StarTrust FCU, a $52-million former Enron employees’ credit union (into InvestTex FCU); Badger Campus CU (into Landmark CU); 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 FCU); and, Hawthorne CU, a one-time $160-million credit union in Naperville, Ill. (into $530-million Great Lakes CU).
Also: Park Schools FCU, St. Louis Park, Minn. (into United Educators FCU); Price CU, Prentice, Wis. (into Heritage CU); and Niagara Falls Policemens FCU (into Niagara Falls Teachers FCU).
Separately, Potelco United CU, a $65-million Pocatello, Idaho, credit union, is combining with Idaho Advantage FCU, a $61-million institution, to form Connections CU.
