Number of CUs Below 9,000
NCUA said it approved another 35 mergers last month, continuing a torrid pace that has claimed 130 credit unions over the last four months. There was a five-year high of 319 mergers last year, cutting the number of credit unions in the country to fewer than 9,000 for the first time in five decades. Last month's approved mergers included several large combinations: Anheuser Busch Employees FCU, St. Louis ($705 million) with Meridian FCU, St. Louis ($120 million); Powerco CU, Gahanna, Ohio ($670 million) with TEA CU, Columbus, Ohio ($35 million); OmniFamily CU, Battle Creek, Mich. ($150 million) with Kastco CU, Kalamazoo, Mich. ($45 million); and IBM Southeast FCU, Boca Raton, Fla. ($700 million) with H2O FCU, West Palm Beach, Fla. ($7 million). Also, Generations Community FCU, in Durham, N.C. ($8 million), was approved to acquire two CUs: St. Luke FCU, Windsor, N.C. ($8 million) and Covenant Community FCU, Research Triangle, N.C. ($370,000).