Consolidations

N.W. Iowa CU has agreed to merge into Siouxland FCU, citing rising technology costs and an increasingly complex compliance environment.

The New York-based credit union is set to absorb Hudson River Financial FCU and Columbia-Greene FCU following charter conversions at those institutions. Sunmark has picked up at least two other small CUs within the last 18 months.

Members of Andigo Credit Union in Schaumburg, Ill., have approved a proposed merger into Consumers Credit Union in Gurnee, Ill.

Southwest HealthCare Credit Union agreed to merge into Canyon State because of increased competition and regulatory demands.

The $1.8 billion-asset institution will likely absorb Spartanburg City Employees FCU later this year, following a vote of that CU's members next month.

At just $3.7 million in assets, tiny Financial 1st Federal Credit Union has voted to merge into Horizon FCU.

The number of deals per year was declining even before the pandemic, and it's unclear when things might pick up again.

Alabama Rural Electric Credit Union will merge into Alabama One later this year, creating a combined institution with a reach across 57 counties.

Northern Paper Mill Credit Union will merge with Fox Communities CU but no date has been given for when the deal might take effect.

Fluke Employees Federal Credit Union has agreed to become part of Sound Credit Union and the transaction should close later this year.

Ball State FCU has announced plans to merge into Financial Center First CU following losses tied to high charge-offs, particularly in the used car area.

The Biloxi, Miss.-based institution has been adding branches and entering markets and now has absorbed Mississippi Farm Bureau Employees Credit Union.

San Francisco Bay Area Educators Credit Union became part of San Francisco Federal Credit Union earlier this month.

Tony Aylsworth, chief risk officer, is taking over as president so CEO David Milligan can concentrate on acquisitions.

When small banks leave the community, it makes sense for credit unions to fill the void.

When small banks leave the community, it makes sense for credit unions to fill the void.

Concerns over surviving another recession coupled with issues such as keeping up with technology could cause more credit unions to find partners.

Concerns over surviving another recession coupled with issues such as keeping up with technology could cause more credit unions to find partners.

If regional banks really want to compete against behemoths and nonbank entrants they need to emphasize products over M&A.

Chesterfield's proposed merger into Virginia Credit Union is expected to be completed in early 2020.