ALEXANDRIA, Va. – NCUA on Monday said it approved three more interstate mergers, clearing the way for large credit unions to expand into adjoining states.
The interstate mergers will allow Horizon CU, a $420-million Spokane Valley, Wash., credit union to acquire Montana First FCU, a $60-million Missoula, Mont., institution; Southeast Financial FCU, a $425-million Franklin, Tenn., credit union to merge into it First Ohio CU, an $80-million Fostoria, Ohio, credit union; and, Corning FCU, a $900-million Corning, N.Y., credit union, to acquire American Community FCU, a $7-million credit union in Chambersburg, Penn.
NCUA also approved Webster First FCU’s acquisition of Winthrop FCU, the Worcester, Mass.-based credit union’s second merger in as many months and third this year, giving it a foothold in Boston markets and almost $620 million in assets.
Two big Iowa credit unions were cleared for mergers. Du Trac Community CU, a $510-million Dubuque credit union, was approved to acquire Racom Community CU, a $12-million credit union in Dyersville; and Community 1st CU, a $350-million Ottumwa credit union, was cleared to acquire M.H.I. CU, a $2-million Mount Pleasant institution.
Also, $900-million SELCO Community CU in Eugene, Ore., was approved to merge into it Forest Park FCU, a $40-million Portland credit union.
