ALEXANDRIA, Va. – NCUA reported yesterday it approved another 29 mergers, half of them enabling a credit union over $600 million to acquire a smaller credit union.
Public Service Employees CU of Denver, with $1.1 billion in assets, was approved to acquire $7 million Provenant FCU, its third merger in the past two years;
SchoolsFirst FCU, the $8 billion Santa Ana, Calif., credit union, was approved to acquire $25 million USEIT FCU, its second merger this year;
Also, $1 billion Rockland (Mass.) CU was approved to acquire Walpole Municipal Employees FCU; $1.8 billion APCO Employees FCU was approved to merge CMA FCU into it; and $800 million Operating Engineers Local Union #3 FCU was cleared to acquire tiny Electrical Workers 442 FCU.
NCUA said it has been looking increasingly to the biggest credit unions to absorb smaller credit unions that are either troubled or not growing.
Also approved were the mergers of: $575 million Credit Union of Southern California with $71 million Westworks FCU; $600 million Vantage CU with $50 million Spirit of St. Louis CU; $440 million Alabama Telco CU with $1.3 million New Hope Community Development FCU and $475 million The Summit FCU with $140 million Syracuse FCU.
Gateway Metro FCU, the $190 million St. Louis credit union, was approved to acquire two small credit unions: St. Ferdinand FCU and HNJ Catholic FCU.
