Toll Continues On Small CUs
ALEXANDRIA, Va. - (06/02/05) -- Small credit union continued theirdisappearing act last month, with 12 of 19 mergers approved by NCUAswallowing up a credit union under $5 million. One smallfaith-based credit union, Need Action CU, in Waterbury, Ct., votedto voluntarily liquidate because it could not continue to competein the marketplace, and another, Wichita, Kan.-based CommunitiesUnited CU, born out of that state's low-income credit union law,sent out a desperate plea for financial assistance to remain alive.Through the first four months of the year, 55 small credit unionshave disappeared through merger, after 154 small credit unions wereswallowed in mergers last year. The biggest mergers approved lastmonth were: Deer Valley FCU, Phoenix ($225 million) with HoneywellAerospace FCU, Glendale, Ariz. ($166 million); Apple FCU, Fairfax,Va. ($725 million) with NVAR FCU, Fairfax ($17 million) and DeereCommunity CU, Ottumwa, Iowa ($145 million) with Cedar RapidsCommunity CU, Cedar Rapids, Iowa ($16 million).