Merger To Forge CU Giant

ALEXANDRIA, Va. - (04/21/03) -- NCUA said Friday it has approved thecombination of TRW Systems FCU and Western FCU to create anotherbillion-dollar credit union, the nation's 78th. Theflood of funds into credit unions had doubled the number ofbillion-dollar credit unions over the past two years. Each creditunion, TRW Systems, Manhattan Beach, Calif., and Western FCU, LosAngeles, have about $500 million in assets and almost 60,000members. Merger activity speeded up last month with NCUA approving24 combinations, making a total of 60 for the first three months ofthe year. Two-thirds of the those mergers, 40, have eliminated asmall credit union under $5 million in assets. The other largemergers approved last month were: Bellco CU, Denver ($1.3 billion)with First Choice CU, Wheat Ridge, Colo. ($20 million); OregonCentral CU, Portland, Ore. ($140 million) and Crown Central CU,West Linn, Ore. ($20 million) and Central Iowa CU, Marshalltown,Iowa ($70 million) with Members 1st CU, Ames, Iowa ($25million).