ALEXANDRIA, Va.-NCUA said last week it approved just nine mergers last month-less than half the normal monthly average-all but one of them involving a credit union that reported losses for last year.
Among the mergers: Alabama One CU and Alabama 1st Capital CU, which had a $586,000 loss for 2008; and IBM Southeast Employees FCU with CMAR FCU, which reported a $675,000 loss.
The other credit unions being merged out after losses are: Gunited Employees FCU, Rockford, Ill. (-140,137); Foundation FCU, Jefferson, La. (-58,966); JPC Employees FCU, Chicago (-9,400); Marsh Employees FCU, Fishers, Ind. (-97,116); Union Grove Baptist Church FCU, Columbus, Ohio (-13,112) and Alcoa Richmond Employees FCU, Richmond, Va. (-21,691).
Also being merged out is Cryovac Employees FCU, which is being merged because of lack of sponsor support.
