NCUA Approves 26 Mergers in the First Quarter
Two CUs receive the nod to consolidate for inability to obtain officials, one for poor financial condition and one for poor management.
The NCUA approved 26 mergers during the first quarter of 2024, down from the 32 and 48 first quarter consolidations in 2023 and 2022, respectively.
Twenty-two mergers got the green light for expanded services, two for inability to obtain officials, one for poor financial condition and one for poor management, according to the federal agency’s Q1 Merger Activity and Insurance Report released Monday.
The largest credit union mergers in the first quarter of the year consisted of the following:
The $2.2 billion Centra Credit Union in Columbus, Ind., with the $926 million Hoosier Hills Credit Union in Bedford, Ind. (Expanded Services).
The $409 million Louisiana Federal Credit Union in La Place, La., into the $632 million OnPath Federal Credit Union in Metairie, La. (Expanded Services).
The $161 million Mississippi Federal Credit Union in Jackson, Miss., into the $310 million Mutual Federal Credit Union in Vicksburg. (Expanded Services).
The $157 million Ignite Credit Union in Grandville, Mich., with the $226 million Blueox Federal Credit Union in Battle Creek, Mich. (Expanded Services).
The $143 million Lowland Credit Union in Morriston, Tenn., into the $3.7 billion ORNL Federal Credit Union in Oak Ridge, Tenn. (Expanded Services).
The $106 million First Bristol Federal Credit Union in Bristol, Conn., with the $610 million Nutmeg State Financial Credit Union in Rocky Hill, Conn. (Expanded Services).
Credit unions that received the green light to merge because of their inability to obtain officials were:
The $9.8 million Baltimore Washington Federal Credit Union in Glen Burnie, Md., with the $57.5 million Five Star of Maryland Federal Credit Union in Baltimore.
The $707,365 Plainfield Credit Union in New Brunswick, N.J., with the $18.2 million New Brunswick Postal Federal Credit Union in Edison, N.J.
A credit union that received the OK for consolidation because of its poor financial condition was:
The $475,994 United Methodist of Mississippi Federal Credit Union in Booneville into the $239 million Southern Security Federal Credit Union in Collierville, Tenn.
A credit union approved for consolidation because of poor management was:
The $79.2 million Paradise Valley Federal Credit Union in National City, Calif., with the $3.3 billion Nuvision Federal Credit Union in Huntington Beach, Calif.
READ MORE: The full Q1 2024 Mergers Activity and Insurance Report
Editor’s Note: The NCUA’s merger approval does not necessarily indicate whether members of the merging credit union approved the consolidation or whether it was called off by management.