Underserved Areas Added in February Lowest in a Year

ALEXANDRIA, Va.-The month of February showed the least number of underserved areas adopted by federal credit unions in the last 12 months, according to NCUA’s Regional Director’s Actions Taken Under Delegation of Authority. Out of 20 underserved area applications, just six were approved totaling 431,024 potential members during February and none were denied, but 14, or 70%, were deferred for gathering further information. This is the highest percentage of deferrals for underserved areas for more than a year. So far in 2003, 29 underserved areas have been approved, two have been denied and 19 applications have been deferred. One federally insured state chartered credit union, Magna, Utah-based Cyprus Credit Union with $281 million in assets, converted to a federal charter. At the same time, $8.2 million Consolidated Financial Federal Credit Union of Burbank, Ill., converted to a state charter. Additionally, Salt City Hospitals Federal Credit Union of Syracuse, N.Y., merged with a mutual institution (See related story page 9). Mergers continued at a steady pace from January at 18 for last month; this is fewer than most months last year. Assets of the merging federal credit unions totaled nearly $263 million while the state chartered credit union mergers did not quite reach $50 million.