NCUA Approves 41 First Quarter Mergers

Credit union mergers continued their upward pace with 41 consolidations approved by the NCUA during 2022’s first quarter, higher than the 33 approved mergers during 2021’s first quarter, according to the federal agency’s Q1 Merger Activity and Insurance Report released last week.

In addition to the 34 credit unions that received the NCUA’s nod to consolidate for expanded services, two credit unions got the OK to merge because of poor financial condition, two for inability to obtain officials, two for lack of sponsor support, and one for loss or decline of field of membership.

The largest credit union mergers approved by the NCUA were:

• The $2.7 billion Capital Communications Federal Credit Union with the $5.5 billion State Employees Federal Credit Union, both based in Albany, N.Y.
• The $612 million Global Credit Union in Spokane, Wash., into the $10.8 billion Alaska USA Federal Credit Union in Anchorage, Alaska.
• The $524 million People’s Trust Federal Credit Union with the $896 million First Service Credit Union, both based in Houston.

Credit unions with more than $100 million in assets but less than $500 million in assets that received the regulators’ nod to merge included:

• The $255 million United 1st Credit Union in Kingsland, Ga., into the $3.5 billion Georgia’s Own Credit Union in Atlanta.
• The $207 million Premier Community Credit Union in Stockton, Calif., with the $1.7 billion Self-Help Federal Credit Union in Durham, N.C.
• The $196 million North East Texas Credit Union in Lone Star with the $1 billion East Texas Professional Credit Union in Longview.
• The $137 million CORE Federal Credit Union in East Syracuse, N.Y., into the $1.4 billion CFCU Credit Union in Ithaca, N.Y.

Two credit unions approved to consolidate because of poor financial condition:

• The $8.1 million West Jefferson Federal Credit Union in Marreo, La., into the $247 million New Orleans Firemen’s Federal Credit Union in Metairie, La.
• The $3.1 million Prairie View Federal Credit Union in Prairie View, Texas with the $346 million Cy-Fair Federal Credit Union in Houston.

Two credit unions received the OK to consolidate because of the inability to obtain officials:

• The $95.7 million Prairieland Federal Credit Union in Normal, Ill., with the $493 million University of Illinois Community Credit Union in Champaign, Ill.
• The $3.3 million Sherchem Federal Credit Union into the $147 million Lakeview Federal Credit Union, both of Ashtabula, Ohio.

Two credit unions that got the green light to merge because of lack of sponsor support were:

• The $21.3 million Bashas’ Associates Federal Credit Union in Tempe, Ariz., with the $683 million First Credit Union in Chandler, Ariz.
• The $17.4 million Consumer 1st Federal Credit Union into the $212 million Century Heritage Federal Credit Union, both of Pittsburgh.

One credit union that received approval to merge because of a loss or decline of field of membership was:

• The $70.3 million Premier Source Federal Credit Union in East Longmeadow, Mass., with the $720 million Polish National Credit Union in Chicopee, Mass.