The $1.6 billion Chartway Federal Credit Union has consolidated a second NCUA-conserved Utah credit union, the $139 million SouthWest Community FCU of St. George, Utah.
After the purchase and assumption completed days before the July 4 holiday, the Virginia Beach CU said it might look for further acquisitions in the coming weeks, perhaps in the sand states or west of the Mississippi. Chartway has not been shy about its desire to expand nationwide through mergers.
The terms of the SouthWest transaction were not disclosed. The NCUA said it liquidated SouthWest after the credit union failed to improve its financial position over several quarters.
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