ALEXANDRIA, Va. - Red ink is forcing more credit unions into the arms of a merger mate, as increasing numbers of troubled credit unions have announced plans to combine in recent weeks.
Central Florida Healthcare Federal Credit Union, the $60-million Orlando, Fla., credit union that reported an $80,000 loss for the first half of the year, has agreed to be merged into McCoy Federal Credit Union, the $365-million Orlando credit union.
DFCU Financial, has agreed to acquire Capital Communications FCU, the one-time $250-million Lansing credit union that followed up an $8.7-million 2007 loss with a $2.1-million loss for the first half of 2008.
Hudson Heritage FCU, a $170-million Newburgh, N.Y., credit union, which itself had a $361,000 first-half loss, has agreed to acquire Valley Central FCU, an $8-million, Montgomery, N.Y., credit union with a $215,000 first-half loss.
Haverhill (Massachusetts) Teachers CU, a $14-million credit union, has agreed to acquire Haverhill Municipal Employees CU, a $4-million credit union with a $39,000 loss for the first six months.
Security FCU, a $275-million Flint, Mich., credit union, itself with a $185,000 loss for the first half, has agreed to merge with Lapeer County Community CU, a $77-million credit union with a $54,000 first half loss.(c) 2008 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved.http://www.cujournal.com/ http://www.sourcemedia.com/
