ALEXANDRIA, Va. – NCUA reported this morning it has approved the merger of troubled USA FCU into Navy FCU in one of the biggest credit union mergers.
USA FCU is a one-time $700 million credit union chartered to serve San Diego-area naval personnel that ran aground atop Southern California’s real estate bust, reporting losses of $42.5 million since the start of 2008, including a loss of $14.7 million and net worth of just 2.3% for the first three quarters of the year.
The merger is one of several pending deals changing the credit union landscape by combining giant credit unions, including that of Addison Avenue FCU with First Tech CU, and Kinecta FCU with NuVision FCU.
The merger will give Navy Fed, which has $43 billion in assets and more than 185 branches, 19 additional branches, including eight in southern California and 11 overseas.
