More Small CUs Merged Out

Register now

ALEXANDRIA, Va. – NCUA reported yesterday it approved another 20 credit union mergers, 12 of the involving troubled credit unions.

All but four of the mergers involve a small credit unions under $10 million being merged out.

The approvals include: Lake Michigan CU ($1.9 billion) acquiring troubled Citizens FCU ($62 million); Elevations CU ($930 million) acquiring ailing Long’s Peak CU ($22 million); Summit CU ($1.4 billion) acquiring State Central CU ($70 million); and, Hannaford Associates FCU ($33 million) merging with Alliance of Maine FCU ($35 million).

Disappearing through merger will be: Postal CU of Northern California; Madison News CU and Members United CU, among others.

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER