Merger Creates Another $1-Billion Calif. CU

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NCUA said it approved the combination of Silicon Valley FCU into Meriwest CU, creating another billion-dollar credit union. The merger, pairing $940-million Meriwest CU with $95-million Silicon Valley FCU, makes at least 105 credit unions now with more than $1-billion in assets.

NCUA also approved the mergers of: Macomb Schools And Government CU, Clinton Township, Mich. ($550 million) with SOC CU, Troy ($190 million); IBM Southeast Employees FCU, Boca Raton, Fla. ($675 million) with Phoenix FCU, Atlanta, Ga. ($32 million) and Credit Union One, Ferndale, Mich. ($750 million) with Bloomfield Hills Schools Employees CU, Bloomfield Hills, Mich. ($14 million). Separately NCUA said it also approved the consolidation of nine of the smallest credit unions, those with less than $1 million in assets, making more than 40 of the tiny institutions merged out of existence so far this year.

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