ALEXANDRIA, Va. — NCUA approved just 16 mergers last month, far less than the 26 approved in September and 29 in August.
However, one of the mergers included $299 million Power Federal Credit Union and $295 million Empire Federal Credit Union, both of Syracuse, N.Y. The reason for the merger, according to NCUA's Insurance Report of Activity was "expanded services."
Of the 16 mergers that occurred in October, seven were of credit unions over $10 million in assets, outside the usual trend of a much larger percentage of the mergers coming from credit unions under $10 million. The total assets of merging credit unions equaled $469 million.
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Additionally, just four community charter conversions took place last month. Two large ones were approved: $138 million Orlando Federal Credit Union encompassing four Florida counties accounting for 1.90 million potential members, and $287 million Nutmeg State Federal Credit Union covering three counties in Connecticut and 1.15 million potential members.
Right Choice Federal Credit Union in Houston, with $108 million in assets, added 793,466 potential members by adopting an underserved area.
One new TIP (Trade, Industry, Profession) charter was approved for $15 million Rushmore Electric Federal Credit Union to serve the electric industry in South Dakota and Wyoming.
No new credit unions were chartered in October.
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