ALEXANDRIA, Va. – NCUA reported Friday it approved 25 mergers last month, 20 of them involving one or more credit unions struggling with losses or other financial problems.
Among the troubled credit unions to be merged out: NationsHeritage FCU, Attleboro, Mass.(a $260,000 loss for 2008), into HarborOne CU, Brockton; United Services FCU, Asheville, N.C. (a $235,000 2008 loss), with Financial Partners CU, Morganton, N.C.; Fort Snelling FCU, Minneapolis (a $375,000 loss for 2008), into Hiway FCU, St. Paul; Aurora Catholic FCU, Aurora, Colo. (an $835,000 2008 loss), into Security Service FCU, San Antonio; and Brighton Cooperative FCU, Brighton, Colo.(a $130,000 2008 loss), into Public Service Employees CU, Denver.
Also, First Financial FCU, Brownsville, Texas (a $6.6 million 2008 loss), is being merged into Security First FCU, McAllen, Texas; Summit FCU, Billings, Mont. ( $4.4 million loss for 2008), is being combined with Avanta FCU, Billings; Salt Lake Schools CU, Salt Lake City (losses five straight quarters), is being merged into Granite CU, also in Salt Lake City; Diamond State FCU, New Castle, Del.(a 2008 loss of $315,000), is being combined with Sussex County FCU, Seaford, Del.; Desert Energy FCU, Tucson (a $640,000 2008 loss), is being combined with Pima FCU.
In addition, two California credit unions with losses for last year, Pacific Coast CU, Costa Mesa, Calif. (a $185,000 loss for 2008) and Financial Partners CU, Downey, Calif. (a 2008 loss of $2.8 million) are being combined.
