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NCUA Approves 25 Mergers in November

Four credit unions get the green light to consolidate because of poor financial condition, including two faith-based cooperatives.

By Peter Strozniak | Updated on January 03, 2018

Among the NCUA’s approved 25 mergers in November, four credit unions were consolidated because of their poor financial condition, including a Los Angeles faith-based cooperative that posted delinquency rates ranging from zero to 100% for more than five years.

The $17,463 Zion Hill Baptist Church Federal Credit union in Los Angeles posted a delinquent loan rate of 0.41% in 2012, and zero delinquent loans in 2013 and 2014, according to NCUA financial performance reports. That delinquency loan rate, however, shot up to 44% in 2015 and 100% in 2016.

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Peter Strozniak

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