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NCUA Now Undergoing Merger 'Anomaly'

NCUA seems to be treading carefully and purposefully in its policy on failed credit unions realizing current economic conditions are an "anomaly," in the view of one successful CU suitor, the $941 million United Federal Credit Union of Michigan.

By Jim Rubenstein | Updated on October 05, 2009

NCUA seems to be treading carefully and purposefully in its policy on failed credit unions realizing current economic conditions are an “anomaly” with many more troubled CUs being handled by the agency, in the view of one successful CU suitor, the $941 million United Federal Credit Union of Michigan.

“It is apparent that not all parts of the country are suffering the same way, which demonstrates the diversity of the credit union movement and its ability to tackle these problems,” suggested Gary Easterling, president/CEO of St. Joseph-based United FCU, which Sept. 25 submitted the winning bid in an NCUA-engineered purchase and assumption for the failed Clearstar Financial CU of Reno, Nev.

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