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Underserved Areas, Community Charter Conversions Continue to Gain CUs Potential Membership

ALEXANDRIA, Va.-Credit unions continue to add underserved areas and expand to community charters resulting in increasing numbers of people who are eligible to join. Seven credit unions were granted community charters by NCUA in April, according to NCUA data. The largest was Nassau County Federal Credit Union in Garden City,...

By Staff Writer | Updated on June 01, 2004

ALEXANDRIA, Va.-Credit unions continue to add underserved areas and expand to community charters resulting in increasing numbers of people who are eligible to join. Seven credit unions were granted community charters by NCUA in April, according to NCUA data. The largest was Nassau County Federal Credit Union in Garden City, N.Y., which expanded its field of membership to 1.3 million. The $399 million Three Rivers Federal Credit Union of Fort Wayne, Ind., which has 170,000 members, added 551,000 new potential members. Credit unions added nearly 2.8 million new potential members through underserved areas in April, the most since December 2003. April’s underserved area additions account for more than half the 2004 underserved additions, totaling 5.2 million. Eighteen credit unions added underserved areas, including El Paso Bell Federal Credit Union (adding 679,622 potential members), City-County Federal Credit Union in Brooklyn Center Minn. (551,036 potential members), and Spectrum Federal Credit Union in San Francisco (286,256). More than the normal number of charter flip-flops occurred in April. Three state chartered credit unions opted for a federal charter, while two went the other way. This was the most since eight total credit unions, seven to state and one to federal, converted in January 2003. The $51 million McKay Dee (Ogden, Utah), Postal Employees (Schenectady, N.Y.), and Warwick Financial (Rhode Island) all received federal charters. First Community of Coquille, Ore. and Mountain in Waynesville, N.C. converted to state charters. Washington’s Credit Union in Lynnwood, Wash. with $290 million in assets converted to a non-credit union charter. Mergers continued to bowl through the credit union community, leaving 22 credit unions under $10 million in assets of a total 28 credit unions merged in their path.

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