NCUA Approves 49 Mergers During the Third Quarter

During the third quarter, 49 credit unions received the approval to merge, up from the 46 consolidations in Q2 and 26 mergers in Q1, according to the NCUA’s Q3 Merger Activity and Insurance Report released on Wednesday.

Six credit unions got the OK to consolidate due to poor financial condition; two for poor management; and one for inability to obtain officials. Forty credit unions got the green light to merge for expanded services, the federal agency’s report showed.

The six credit unions approved to merge because of their poor financial condition were:

• The $72.2 million Relyon Credit Union in Kaufman, Texas, with the $1.1 billion Neighborhood Credit Union in Dallas. Relyon posted a loss of $1,951,674 at the end of last year, and a loss of $298,700 during the first quarter of this year, according to NCUA financial performance reports.
• The $66.9 million Creighton Federal Credit Union in Omaha, Neb., with the $1.3 billion Cobalt Federal Credit Union in Papillion, Neb. At the end of the second quarter, Creighton recorded a loss of $13,558,928, NCUA financial performance reports showed.
• The $13.7 million Teamsters Credit Union in Detroit, Mich., into the $1.4 billion Michigan First Credit Union in Lathrup Village, Mich.
• The $2.1 million Wakarusa Valley Credit Union in Lawrence, Kan., with the $605 million Envista Federal Credit Union in Topeka, Kan.
• The $1.6 million Arnold Bakers Employees Federal Credit Union in Greenwich, Conn., with the $85.4 million America’s First Network Credit Union in East Hartford, Conn.
• The $726,354 Total Community Action Federal Credit Union in New Orleans into the $270 million New Orleans Firemen’s Federal Credit Union in Metairie, La.

The two credit unions that received the OK to consolidate because of poor management were:

• The $27.7 million Heartland Area Federal Credit Union in Omaha, Neb., with the $88.7 million Omaha Federal Credit Union.
• The $7.9 million La Crosse-Burlington Credit Union in La Crosse, Wis., into the $543 million CO-OP Credit Union in Black River, Wis.

The credit union that got the green light to merge because of its inability to obtain officials:

• The $783,565 Proctor & Gamble St. Louis Employees Credit Union in St. Louis with the $377 million Alliance Credit Union in Fenton, Mo.

The third quarter’s largest credit union mergers were:

• The $1.9 billion Advantis Credit Union in Oregon City, Ore., into the $1.6 billion Rivermark Community Credit Union in Beaverton, Ore.
• The $519 million NextMark Federal Credit Union in Fairfax, Va., with the $4.5 billion Apple Credit Union also based in Fairfax.
• The $464 million Kane County Teachers Credit Union in Elgin, Ill., with the $3.5 billion Consumers Credit Union in Lake Forest, Ill.
• The $191 million Astera Credit Union in Lansing, Mich. into the $436 million Adventure Credit Union in Grand Rapids, Mich.
• The $193 million Bloom Credit Union in Wyoming, Mich., with the $251 million West Michigan Credit Union in Grand Rapids, MIch.

READ MORE: The full Q3 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 a merger was called off by management.