Toll Grows For Small CUs As Mergers Continue
NCUA said it approved another 34 credit union mergers in March, including 25 involving one or more small credit union under $5 million, one of the biggest monthly tolls ever for small credit unions. Through the first quarter of the year, 50 of the 70 mergers eliminated a small credit union. And more than 200 small credit unions were wiped off the board through mergers of liquidations last year.
The biggest mergers approved in March were: Wescom CU, Pasadena, Calif. ($2.6 billion) with Unocal FCU El Segundo, Calif. ($110 million); Galveston County CU, Texas City, Texas ($110 million) with Associated Credit Union of Texas, Deer Park, Texas ($60 million); Founders FCU, Lancaster, S.C. ($975 million) with Spartanburg Educators FCU, Spartanburg, S.C. ($12 million); MemberSource FCU, Houston ($150 million) with GM&A FCU, The Woodlands, Texas ($20 million); and Associated Credit Union, Norcross, Ga. ($730 million) with Atlanta Kemba FCU, Atlanta ($25 million).