More conversions from state to federal charters

ALEXANDRIA, Va.-Four more credit unions converted from federally insured state charters to federally chartered credit unions in the month of June, according to NCUA’s most recent Summary of Delegated Actions. Three had made the switch in May with one converting from federal to federally insured state charter. No credit unions switched to state charter during the month of June. The credit unions opting to go with a federal charter include 1199 SEIU Credit Union in New York City with $23.7 million in assets; H2O Federal Credit Union (formerly F.C.D. Employees Credit Union) in West Palm Beach, Florida with $6.2 million in assets; Trades and Labor Credit Union in Albert Lea, Minnesota with $5.1 million in assets; and First Credit union in Cedar Rapids, Iowa with $46.5 million in assets. Community charter conversions were cut in half in June with only seven approved, while May saw 14. The June approvals added 1.7 million new potential members, while May added 4.7 million. Underserved areas added also dropped from 36 in May to 33 in June. However, the number of new potential members increased to 2.2 million from 1.7 million in May. More than half of both the community charter conversions and underserved area applications were deferred, which is much higher than normal. Typically this is done to allow the credit union to provide more information to NCUA. Mergers continued at a strong pace in June. Twenty-one mergers were approved while maintaining a balance of federal and state chartered mergers. A total of 13 federal credit unions and eight state chartered credit unions merged with the same number of federal and state chartered credit unions. The assets of the federal credit unions being merged into other institutions came to $26,010,400. The state charters being merged equaled nearly $83 million. All but one of the credit unions merged with others were under $14 million in assets. [email protected]