ALEXANDRIA, Va. - NCUA 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, the $265-million Salt Lake City credit union that lost $3.4 million in the first quarter; as well as tiny Georgia Pacific Employees CU, a $500,000 Sigurd, Utah, credit union that lost $31,000 in the quarter;
* Financial Partners CU, the $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, the $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 OKd to acquire Arrow CU, a $3-million San Leandro, credit union that reported a $31,000 loss in the first quarter and has lost its corporate sponsor;
* 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.
Several other credit unions are being merged out because of “poor financial conditions,” according to NCUA, including: Northwest Navigation FCU, in Vancouver, Wash. ($5 million); Electric City FCU, Great Falls, Mont. ($1 million); IHB Riverdale CU, Riverdale, Il. ($4 million); St. Mary’s Hospital CU, Green Bay, Wis. ($2 million); Danville Postal CU, Danville, Va. ($1 million); Danville Regional Medical CU, Danville, Va. ($3 million); and Media 1st FCU, Richmond, Va. ($3 million).
