Merger Forges Another $1 BillionCU

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SAN JOSE, Calif. - (08/09/05) -- NCUA said it approved thecombination of Silicon Valley FCU into Meriwest CU, creatinganother billion-dollar credit union. The merger, pairing $940million Meriwest CU with $95 million Silicon Valley FCU, makes atleast 105 credit unions now with more than $1 billion in assets.NCUA also approved the mergers of: Macomb Schools And GovernmentCU, Clinton Township, Mich. ($550 million) with SOC CU, Troy ($190million); IBM Southeast Employees FCU, Boca Raton, Fla. ($675million) with Phenix FCU, Atlanta, Ga. ($32 million) and CreditUnion One, Ferndale, Mich. ($750 million) with Bloomfield HillsSchools Employees CU, Bloomfield Hills, Mich. ($14 million).Separately NCUA said it also approved the consolidation of nine ofthe smallest credit unions, those with less than $1 million inassets, making more than 40 of the tiny institutions merged out ofexistence so far this year.

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