More Troubled CUs Merged Out
ALEXANDRIA, Va. – NCUA said yesterday it approved an application from Webster First FCU in western Massachusetts’ Worcester to acquire Saugus FCU, a troubled $60 million credit union all the way across the Bay State in Boston’s northern suburbs.
The $500 million credit union’s cross-state acquisition gives Webster First two branches and a new field of membership in the suburbs north of Boston, more than 100 miles from its headquarters.
The deal is one of several merging troubled credit unions.
NCUA said it also approved the combination of American 1 CU, in Jackson, Mich., with ailing Premier Financial CU in nearby Clinton, Minnesota’s TruStone FCU with troubled Ukrainian FCU, and Washington, D.C.’s Transit Employees FCU with troubled Hospitality Community FCU in Washington.
NCUA approved the merger of Seattle’s Watermark CU with Tacoma’s Sound CU to create a $1.2 billion statewide credit union in Washington.
NCUA also approved two deals for Western Cooperative FCU, North Dakota’s fourth-largest credit union: one for Ray Cooperative FCU, an $11 million credit union, and the other for tiny Glen Ullin FCU.