ALEXANDRIA, Va. – NCUA yesterday said it has approved requests to merge more than a dozen ailing credit unions, accelerating the resolution of troubled institutions.
Among them:
– Mountain America FCU was approved to merge with Salt Lake CU, a $265 million Salt Lake City credit union which lost $3.4 million in the first quarter. Mountain America also will merge with tiny Georgia Pacific Employees CU, a $500,000 Sigurd, Utah, credit union that lost $31,000 in the quarter.
– Financial Partners CU, a $775 million Downey, Calif., credit union was cleared to acquire Cannon Financial CU, a $32 million Santa Ana institution that lost $125,000 in the first quarter, and more than $900,000 in 2007.
– Credit Union West, a $320 million Glendale, Ariz., institution, was approved to acquire Yavapai FCU, a $27 million Prescott, Ariz., credit union that lost $125,000 in the first quarter.
– Neighborhood CU, a $250 million Dallas credit union, was approved to acquire BMA FCU, a $5 million Mesquite, Texas, institution that lost $280,000 in the first quarter.
– America’s CU, a $140 million Garland, Texas, institution, was cleared to acquire Garland CU, a $6 million credit union that lost $14,000 in the first quarter, and $90,000 in 2007.
– San Francisco-based Spectrum FCU, with $135 million in assets, was okayed to acquire Arrow CU, a $3 million San Leandro, Calif., credit union that reported a $31,000 loss in the first quarter and has lost its corporate sponsor.
– And, Nutmeg State FCU, a $300 million credit union in Rocky Hill, Conn., was approved to acquire two nearby institutions: Manpoe FCU, a $1.2 million credit union that lost $18,000 in the first quarter, and Phoenix FCU, an $8 million Hartford credit union that reported a narrow $14,000 net for the first quarter.
