The NCUA approved 24 mergers in August, the highest number of consolidations in one month so far this year. In July, the federal agency approved only 11 mergers.
Five credit unions were approved to merge because of their poor financial condition, and two because of lack of growth, according to the NCUA's Insurance Report of Activity.
The cooperatives approved to merge in August because of their poor financial condition included the $61,506 Love Gospel Assembly Federal Credit Union in Bronx, N.Y. into the $1.2 billion USAlliance Federal Credit Union in Rye, N.Y.; the $7 million St. Landry Parish Federal Credit Union in Opelousas, La., into the $310 million Pelican State Credit Union in Baton Rouge; the $3.9 million OSU Institute of Technology Federal Credit Union in Okmulgee, Okla., into the $83 million First Family Federal Credit Union in Henryetta; the $26 million Integrus Credit Union in Dubuque, Iowa, into the $567 million Vibrant Credit Union in Moline, Ill., and the $1.7 million Madco Credit Union in Edwardsville, Ill., into the $694 million 1st MidAmerica Credit Union in Bethalto.
Because of lack of growth, the $33 million Apex Financial Credit Union in Florissant, Mo., received NCUA approval to consolidate into the $200 million West Community Credit Union in O Fallon, Mo., and the $467,490 Peru Municipal Credit Union in Peru, Ill., got the OK to consolidate with the $26 million Illinois Credit Union also based in Peru.
The largest credit union merger deal approved by the NCUA last month was the $184 million Pacific Community Credit Union in Fullerton, Calif. with the $1.2 billion Credit Union of Southern California in Anaheim, Calif. The second largest merger approved by the NCUA was the $84 million General Credit Union in Fort Wayne, Ind., into the $283 million Partners 1st Credit Union also headquartered in Fort Wayne, and the third largest consolidation was the $83 million Frontier Financial Credit Union in Reno, Nev., with the $729 million Greater Nevada Credit Union in Caron City.
The fourth largest consolidation deal approved by the NCUA in August was the $50 million Financial Federal Credit Union in Miami, Fla. with the $657 million Tropical Financial Credit Union in Miramar, Fla., and the fifth largest merger deal was the $41 million Apex Community Federal Credit Union in Stowe, Pa., into the $1.9 billion American Heritage Federal Credit Union in Philadelphia.
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