Pentagon Continues MergerBinge

June 18, 2003, 1:00 a.m. EDT 1 Min Read

ALEXANDRIA, Va. - (06/18/03) -- Pentagon FCU was approved to acquireits third credit union in the past six months, $26 million FortHood Military FCU, in Fort Hood Texas, NCUA said Tuesday. That follows two December acquisitions for the $5.8billion credit union, those of $46 million Fort Shafter FCU inHawaii and $13 million Coast Guard Employees FCU in Maryland. NCUAalso approved three more mergers of State Farm Insurance creditunions, part of the roll-up of 24 credit unions serving agents andemployees of the insurance giant, into 13 regional credit unions.NCUA approved 25 mergers last month, making a total of 106 throughthe first five months of the year. Last month's approved mergerswill eliminate another 15 small credit unions under $5 million inassets, making a total of 69 small credit unions erased throughmergers so far in 2003.

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