Credit unions add 1.4 million underserved in April

<p>ALEXANDRIA, Va.-According to NCUA’s statistics on delegated actions for the month of April, credit unions added 1,373,027 new potential members in underserved areas. The total for the year comes to about 5.3 million in underserved areas. Following the trend of the last couple years, three credit unions – Choice Community FCU ($42 million in assets), Educators FCU ($6.3 million), and Deer Valley FCU ($153 million)-converted to federally insured state chartered credit unions. Continuing along the same lines, 28 credit union mergers were approved by the regions last month. Eleven continued as federal charters while 18 decided to become state charters. Eighteen federal credit unions were merged and 10 state charters. Of the merging credit unions, the federal charters included over $136 million in assets, while the state charters merged $22.5 million. Additionally, Fiscal Credit Union in California converted from a federal charter and has private insurance coverage from American Share Insurance (ASI). Financial 21 Community Credit Union, also in California, also chose to switch from federal insurance to ASI last month.</p>