ALEXANDRIA, Va. – NCUA reported Friday it approved 26 more mergers, two-thirds of them involving ailing institutions, including one of a troubled auto workers credit union and another involving a Utah credit union with multi-million dollars in losses.
Among the combinations approved by the federal regulator was an emergency merger of Intermountain CU, a $37 million Salt Lake City institutions with a $3.8 million third quarter loss, into America First CU, the $4.4 million Ogden, Utah, credit union.
Also, NCUA approved the merger of Rouge Employees FCU, the $22 million Dearborn, Mich., credit union for Ford’s Rouge River auto workers that lost $714,256 in the third quarter, into Michigan First CU, in nearby Lathrup Village, Mich.
Other mergers of troubled credit unions are: United Christian Community CU (a loss of $589,153) into Cornerstone Community Financial CU; Northeast Denver FCU (a loss of $500,000) into Community Choice FCU; Great American Community CU (a loss of $529,337) into Bellco CU; Media First FCU (a loss of $229,000) into Financial FCU; St. Rita’s CU (a loss of $168,000) into Heart of Louisiana FCU; and Yard Wide FCU ( a loss of $48,277) into IBM Southeast Employees FCU.
Some of the other ailing credit unions being merged out after reporting third quarter losses are: K&E FCU, Jackson, Mich.; Valeo Employees’ FCU, Jamestown, N.Y.; UAW Local 55 FCU, Williamsville, N.Y.; Iron City FCU, Pittsburgh, Penn.; Delaware VA FCU, Wilmington, Del.; Windham County VEA CU, Dummerston, Vt.; Providence Baptist FCU, Philadelphia; International Rectifier FCU, El Segundo, Calif.; Preferred Members CU, Bourbonnais, Ill.; and FPL CU, Madison, Wis.
