Year-End Urge To Merge
ALEXANDRIA, Va. - (01/06/05) -- NCUA approved 70 mergers in thefinal two months of 2004, making a total of 300 credit unionmarriages for the year. The last two months claimed 45 more smallcredit unions under $5 million, meaning 218 small credit unionsdisappeared through mergers last year. The biggest combinationsapproved in the last two months were: Covantage CU, Antigo, Wis.($450 million) with Eagle Country FCU, Crystal Falls, Mich. ($45million); Suncoast Schools FCU, Tampa, Fla. ($4.4 billion) with HSNFCU, Clearwater, Fla. ($12 million); AEDC FCU, Tullahoma, Tenn.($980 million) with Maury Progressive CU, Columbia, Tenn. ($7million); Beacon CU (formerly Wabash County Farm Bureau CU),Wabash, Ind. ($530 million) with Saginaw Community CU, Peru, Ind.($35 million); Communications Family FCU, Saginaw, Mich. ($410million) with Midland Area FCU, Midland, Mich. ($22 million); andTellesis CU, Chatsworth, Calif. ($480 million) with New World FCU,Lafayette, Calif. ($9 million). Also, fast-growing Self-Help CU,the nation's leading community development credit union, based inDurham, N.C. (175 million) agreed to merger with Scotland CommunityCU, Wagren, N.C. ($8 million).