Three cooperatives – the $7.3 million Erie Flagship Community Credit Union in Erie, Pa., the $2.8 million Prime Federal Credit Union in Raritan, N.J., and $81 million CTCE Federal Credit Union in Reading, Pa. – received approval from NCUA to merge with larger credit unions because of their poor financial condition.

CTCE FCU, for example, saw steady declines in loan, fee and investment income over the past five years. Though the credit union recorded a net income gain of $84,879 in 2008, from 2009 to 2012, the credit union posted total net income losses of $1.3 million, according to NCUA financial performance reports.

By the end of Sept. 30, CTCE FCU posted an additional $1.3 million in total net income losses and had a net worth of 3.76%. The cooperative had been operating with a net worth of under 7% since 2009, according to NCUA financial performance reports.

CTCE FCU, which served 12,242 members, has already merged with the $3.1 billion Visions Federal Credit in Endwell, N.Y., which boasts a membership of more than 155,000.

The 1,713-member Erie Flagship Community Federal Credit Union has merged with the $380 million, 45,747-member Erie Federal Credit Union and 409-member Prime FCU has merged with the 1,222-member First Point FCU in Hamilton.

Two credit unions – the $379,899 BHA Residents Community Development Credit Union in Binghamton, N.Y. and the $38 million Amalgamated Credit Union in Saginaw, Mich. – received NCUA's approval to merge because of lack of growth.

The 1,128-member BHA Resident Community Development Credit Union is scheduled to merge with the $96 million, 11,800-member Horizons Federal Credit Union in Binghamton, N.Y., in January, said Mario DiFulvio, president/CEO of Horizons FCU. The 5,180-member Amalgamated Credit Union is scheduled to merge with the $389 million, 44,041-member Financial Plus Federal Credit Union in Flint, Mich., on Jan. 1, according to Amalgamated CU's website.

Because of the loss of or declining field of membership, the NCUA approved the merger of the $96,431, 172-member Vine Memorial Federal Credit Union in Philadelphia into the $845,474, 254-member Mount Carmel Baptist Federal Credit Union also of Philadelphia. And because of the loss of or declining field of membership, the NCUA also approved the merger of the $566,402, 268-member Tribune Herald Federal Credit Union in Waco, Texas, with the $349 million, 36,315-members Educators Credit Union also in Waco.

Due to its inability to find a new CEO, the NCUA also approved a merger of the $947,571, 379-member St. Julie Billiart Federal Credit Union in Hamilton, Ohio, into the $173 million, 24,624-member Chaco Credit Union also based in Hamilton.

Sixteen small credit unions received NCUA approval to merge with their larger counterparts to expand services to members, according to the monthly report.