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More federal to state conversions, underserved expansions up in May

ALEXANDRIA, Va.-Though the trend seems to be greatly slowing, NCUA approved two federal to state charter conversions in May. The two credit unions, OmniAmerican and Fort Worth Community both of Fort Worth, Texas, brought with them more than $1 billion in aggregate assets. Additionally, 32 expansions into underserved areas were...

By Staff Writer | Updated on July 03, 2001

ALEXANDRIA, Va.-Though the trend seems to be greatly slowing, NCUA approved two federal to state charter conversions in May. The two credit unions, OmniAmerican and Fort Worth Community both of Fort Worth, Texas, brought with them more than $1 billion in aggregate assets. Additionally, 32 expansions into underserved areas were approved, up from April’s three, for nearly 1.5 million potential members. No low-income community expansions were approved or denied, but one was deferred for further information. In other charter activity, multiple common bond expansions remained at approximately the same level as April with 1,291 expansions, but the number of potential members dropped about 15,000 to 177,548 for May. Following the continuing merger trend for the entire financial services industry, 25 mergers were approved in May leaving 14 surviving federal credit unions and 11 state-chartered. One anomaly for May’s charter activity is that two merging credit unions maintained a federal charter, contrary to recent NAFCU statistics showing the majority of merging credit unions keep the state charter. The assets of the merging credit unions totaled $396,989,194.

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