The NCUA approved 53 credit union mergers in the first quarter of 2014, down from the 71 approved consolidations during last year's first quarter and 62 at the end of the 2012 first quarter.

In March, the NCUA approved 24 mergers, compared to 34 in March 2013. The NCUA's March Insurance Activity Report showed that eight credit unions were given the green light to merge because of their poor financial condition.

Six of the eight credit unions posted net worth of under 7% and all had falling loan, fee or investment income and net income losses over the past five years.

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