ALEXANDRIA, Va. – NCUA reported yesterday it approved the mergers of more ailing credit unions, most of them with losses through the third quarter.
Among the mergers approved are of Capital Communications CU (CapCom) the one-time $275 million Lansing, Mich., credit union with a $8.7 million loss last year and a $2 million loss through the first three quarters. The now-$210 million credit union is being absorbed by $2 billion DFCU Financial CU.
Also: UniStar FCU, with a $650,000 three-quarter loss, is being acquired by USAlliance FCU; Priority Community CU, with a $590,000 loss year-to-date, is being merged into Co-op Services CU, in Livonia, Mich.; UFCW Local 455 FCU, with a $585,000 three-quarter loss, is being combined into Team Financial FCU; and Inter-Island FCU, with a $465,000 loss, is being acquired by Aloha Pacific FCU.
Other troubled credit unions being merged out are: NFANG FCU, Niagara Falls; Portland Me. Transit FCU; Boston Globe Employees FCU; Jeannette Rubber FCU, Jeannette, Penn.; Gautier FCU, Johnstown, Penn.; D.C. Christian FCU, Washington, D.C.; Reymet Community FCU, Richmond, Va.; BVH FCU, Birmingham, Ala.; Spencer County Co-op CU, Chrisney, Ind.; Bexar County Teachers FCU, San Antonio; and Riverton Educators FCU, Riverton, Wyo.
