ALEXANDRIA, Va. – NCUA said it has approved mergers of several ailing credit unions, including $13 million First State FCU in Dover, Del., and $11 million Community FCU in Tacoma, Wash.
First State FCU, which was combined with American Spirit FCU, had losses for three straight years, including a $269,000 loss for 2008 and a $50,000 loss for 2009, Community CU, a one-time $13 million credit union which is being merged into TwinStar CU, reported a $1.1 million loss for 2009.
NCUA also reported several other credit unions are being merged because of poor financial condition, losses or declining fields of membership, including: $4 million Specialty FCU in Fort Wayne, Ind.; $5 million Bell Financial Community FCU, Bourbonnais, Ill.; $1 million Bramco Employees FCU, Louisville, Ky.; and, tiny Miracle Faith FCU in Monrow, Conn.
