NCUA Approves Two More TIPS Charters
NCUA said it has approved two more TIPs charters-for tradewide, industrywide and professionwide fields of membership. The first is a request from FAA First FCU of Los Angeles to serve the 135,000 people employed in the air transportation business nationwide. FAA First's is the third air transportation TIP approved by NCUA, with both American Airlines FCU and NWA FCU winning the same industrywide field of membership late last year. Also approved for a TIP charter last month was Nebraska Energy FCU, Columbus, Neb., which was authorized to serve all employees of the electrical power industry in Nebraska.
NCUA also said it approved 19 credit union mergers in February, after approving just 17 in January. February's mergers resulted in 11 small credit unions of $5 million or less, making a total of 25 small credit unions merged out of existence in the first two months of 2004.
The biggest mergers approved in February were: Milestone FCU, Bedford, Mass. ($70 million) with AGFA Employees FCU, Wilmington, Mass. ($25 million); Numerica CU, Spokane, Wash. ($460 million) with State Highway Employees District No. 6 CU, Spokane ($15 million); Freedom FCU, Springfield, Mass. ($265 million) with FHBT FCU, Northhampton, Mass. ($18 million); and People's Alliance FCU, Hauppauge, N.Y. ($180 million) with Long Island FCU, Carle Place, N.Y. ($23 million).