NCUA official seal. (Source: NCUA)
The NCUA approved 25 mergers in the second quarter, according to the independent federal agency's Merger Activity & Insurance Report.
The second quarter number is down from the 34 consolidations in the first quarter and 32 mergers from the second quarter of 2019.
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The largest merger agreements in the second quarter included the $144 million Geico Credit Union in Chevy Chase, Md., with the $4.3 billion Baxter Credit Union in Vernon Hills, Ill.; the $105 million Anderson Federal Credit Union in Anderson, S.C., into the $414 million S.C. Telco Credit Union in Greenville, S.C.; the $48 million GPCE Credit Union in Pensacola. Fla., with the $246 million Florida State University Credit Union in Tallahassee, Fla.; the $39 million Standard Register Federal Credit Union in Dayton, Ohio into the $454 million Pathways Financial Credit Union in Columbus, Ohio; and the $33 million Al Gar Credit Union in Cumberland, Md., with the $311 million Chessie Credit Union also based in Cumberland.
All of these credit unions were given the OK to consolidate for expanded services.
According to the NCUA Merger Activity & Insurance Report, three credit unions got the green light to consolidate because of their poor financial condition.
They included the $5 million Focus Credit Union in Toledo, Ohio that consolidated with the $521 million Security Credit Union in Holly, Mich.; the $616,291 Hopes Employees Credit Union in Jamestown, N.Y., with the $104 million Southern Chautauqua Federal Credit Union in Lakewood, N.Y.; and the $268,722 Orange County Teachers Credit Union in Orange, Texas into the $3.9 billion Texas Dow Employees Credit Union in Lake Jackson, Texas.
Because it lacked its sponsor support, the $3 million CSX Chicago Terminal Credit Union in Riverdale, Ill., was approved to consolidate with the $48 million Acme Continental Credit Union also based in Riverdale.
The 16 remaining credit unions that were given permission to merge for expanded services were all well under $20 million in assets, the NCUA's Mergers Activity & Insurance Report showed.
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Peter Strozniak
Credit Union Times reporter covering credit union operations, fraud, M&As, leagues, business continuity, and breaking news.
