ALEXANDRIA, Va. – NCUA yesterday reported it approved 21 new mergers, more than half of them involving one or more troubled credit unions.
Among the mergers approved were:
• 1st United FCU, a $20 million credit union that lost more than $2 million in the first half of the year, will be acquired by The Golden 1 CU.
• OCHA CU, a $22 million Orange, Calif., credit union that lost $800,000 last year and $60,000 in the first half, will be acquired by Pacific Community FCU, in Fullerton.
• Free State CU (formerly Credit Union Group), a $10 million Lawrence, Kan., credit union that lost $500,000 in the first half, will be merged into Credit Union of Johnson County, in Lenexa, Kan.
• Central Florida Healthcare FCU, a $60 million Orlando, Fla., credit union that reported an $80,000 loss for the first half of the year, will merge into McCoy FCU, a $365 million Orlando credit union.
• Valley Central FCU, an $8 million, Montgomery, N.Y., credit union with a $215,000 first-half loss, will merge into Hudson Heritage FCU, a $170 million Newburgh, N.Y., credit union, which itself had a $361,000 first-half loss.
• Haverhill (Mass.) Municipal Employees CU, a $4 million credit union with a $39,000 loss for the first six months, is being acquired by Haverhill (Massachusetts) Teachers CU.
• Dayton Postal Employees CU, a $9 million credit union with a first half loss of $3,000, will be merged into Cincinnati Postal Employees CU.
