Several Gulf-area credit unions damaged by Hurricane Katrina last year have thrown in the towel and begun seeking merger partners. NCUA said it approved three such mergers last month, including that of Gulfport CBC FCU, in Gulfport, Miss., which is being merged into Navy FCU. The tiny credit union reported loan delinquencies of 2.6% and a $112,000 loss for 2005.
Other area credit unions being merged are: State & Parish Employees FCU, Baton Rouge, with just $115,000 in assets and losses of $26,000 for 2005, being merged into New Orleans' Firemens' FCU, Metairie, La.; and Falstaff Employees and Former Employees CU, Metairie, with just $120,000 in assets, into Louisiana Central CU, in Harahan, La.
Separately, NCUA also approved two mergers for Marine CU, Fond Du Lac, Wis. ($200 million) of Advantage CU, Onalaska, Wis. ($90 million) and Central CU, Waupun, Wis. ($350,000). NCUA also approved the merger of Southern Baptist CU, Brea, Calif. ($9 million) into Christian Community CU, Covina, Calif., the nation's largest faith-based credit union with $450 million in assets.
