The Biggest CUs Continue To Get Bigger Through Mergers
ALEXANDRIA, Va. – NCUA approved several more acquisitions by credit union giants, extending the trend of greater consolidation in the credit union movement.
Among the mergers NCUA said last week it approved: Pentagon FCU with Trippler FCU, a one-time $15 million Honolulu credit union and Alaska USA FCU with Transportation Northwest FCU, a former $35 million Seattle credit union.
In recent days NCUA also said it approved Navy FCU’s acquisition of troubled San Diego-based USA FCU; and the combination of Addison Avenue FCU with First Tech CU, creating a $5 billion credit union giant. A third mega-merger, of Kinecta FCU and NuVision FCU, creating another $5 billion credit union, is pending.
NCUA also said it cleared the mergers of: $900 million Empower FCU, Syracuse, N.Y., with Providers FCU; $700 million Twinstar CU, Olympia, Wash., with Oregon’s Rite Choice Community FCU; $710 million Financial Partners FCU, in California, with Santa Fe Springs City Employees FCU; and $840 million Max FCU in Alabama, with St. Judge Medical Central FCU.
NCUA also reported Friday it approved the acquisition by SkyOne FCU, the former FAA credit union in California, of two troubled credit union serving small regional airlines, Pacific Advantage FCU (Japan Airlines) and Cypress West FCU (Quantas Airways).