NCUA Approves 39 Mergers During the Third Quarter

Thirty-nine credit unions were approved to merge during the third quarter, according to the NCUA’s Q3 Merger Activity and Insurance Report posted on its website Monday.

The third quarter total number is slightly higher than the 36 and 32 consolidations in the second and first quarters, respectively, bringing the total number of combinations to 107. That number is substantially down compared to the three quarters of 2022 when the federal agency approved 146 consolidations.

Three credit unions that received approval to merge because of their poor financial condition were:

• The $8.4 million Branch 6000 NALC Credit Union in Amityville, N.Y., into the $83.4 million Consumer Federal Credit Union in Brooklyn, N.Y.
• The $21.1 million Harmony Federal Credit Union in Grand Junction, Colo., with the $92.5 million Grand Junction Credit Union, also based in Grand Junction.
• The $38.7 million Montana Health Federal Credit Union in Billings, Mont., into the $280 million Intrepid Credit Union in Helena, Mont.

Three credit unions that received the greenlight to consolidate because of poor management were:

• The $75.1 million Ecusta Credit Union in Pisgah Forest, N.C., into the $482 million Champion Credit Union in Canton, N.C.
• The $2.7 million Muskegon Patternmakers Federal Credit Union in Muskegon Heights, Mich., with the $193 million Service 1 Credit Union in North Shores, Mich.
• The $6 million Yonkers Postal Employees Credit Union in Yonkers, N.Y., into the $57.1 million Rockland Employees Federal Credit Union in Spring Valley, N.Y.

Two credit unions received the OK to consolidate because of their “inability to find officials”:

• The $30.3 million Freedom Community Credit Union in Fargo, N.D., with the $94.7 million United Savings Credit Union also based in Fargo.
• The $6.6 million Kankakee Terminal Belt Credit Union in Kankakee, Ill., into the $1.6 billion Credit Union 1 in Rantoul, Ill.

Because of its lack of sponsor support, the $2.4 million Trouvaille Federal Credit Union in Philadelphia received approval to merge with the $4.6 billion American Heritage Federal Credit Union, also based in Philadelphia.

The largest mergers approved for expanded services were:

• The $176 million Parkside Credit Union in Westland, Mich., into the $699 million True Community Credit Union in Jackson, Mich.
• The $94.4 million Midwest Carpenters & Millwrights Federal Credit Union in Hobart, Ind., with the $1.6 billion Credit Union 1 in Rantoul, Ill.

Thirty credit unions that received the OK to merge for expanded services were all under $50 million in assets.

READ MORE: The full Q3 Merger Activity and Insurance Report.

Editor’s note: The NCUA’s merger approval does not indicate whether members of the merging credit union approved the consolidation or whether it had been called off.