Although seven of the nine credit union mergers were approved by members, CU Times was unable to confirm two consolidations - MUNA Federal Credit Union with Singing River Federal Credit Union and Ouachita Valley Health System Federal Credit Union into River Valley Community Federal Credit Union.

CEOs of those credit unions did not respond to CU Times’ email and phone call requests for confirmation.

On New Year’s Eve, members of the $59 million Chicago Municipal Employees Credit Union (CMECU) voted in favor to merge with the $1.4 billion Great Lakes Credit Union in Bannockburn, Ill.

At the end of this year’s third quarter, CMECU posted a loss of $2,201,045 and a net worth of 3.59%, according to NCUA financial performance reports. In December 2023, CMECU recorded a loss of $409,319 and a net worth of 8.50%.

An estimated $2,478,157 of CMECU’s net worth will transfer to GLCU. There was no change to compensation for any of the CMECU employees, officials or the five most highly compensated employees, according to CMECU’s merger documents.

On Dec. 30, four credit unions held special membership meetings.

Members of the $1.8 million Mississippi Central Federal Credit Union in Morton voted in favor of consolidating with the $156 million Magnolia Federal Credit Union in Jackson, Miss.

Like many small credit unions throughout the country, Mississippi Central has been struggling financially. Its loans and net worth have been declining since 2020. At the end of the third quarter, the credit union posted a loss of $116,529 and a net worth of 7.04% compared to a $58,082 loss and a net worth of 11.82% at the end of the third quarter in 2023, according to NCUA financial performance reports.

Mississippi Central’s net worth of $130,895, as of Q3, will be transferred to Magnolia.

There were no financial arrangements related to the merger and no material retention agreements or compensation agreements related to the consolidation, according to Mississippi Central’s merger documents filed with the NCUA.

The $52.3 million MUNA Federal Credit Union in Meridian, Miss., had called for a special membership meeting on Dec. 30 to vote on whether to consolidate with $330 million Singing River Federal Credit Union in Moss Point, Miss.

“The central motivation for this merger is the fiscal strength, safety and soundness of the combined entity, while positioning to serve members’ evolving needs and expectations in light of technological advances that threaten the credit union model,” MUNA said in its merger documents filed with the NCUA. “The expanded and diversified balance sheet and membership composition will reduce financial and membership concentration risk and allow us to increase technological investments to better serve you while maintaining values rooted in our local communities.”

MUNA’s net worth of $6,330,016, as of the third quarter, would transfer to Singing River.

In addition, the credit union’s merger financial arrangements would pay MUNA President/CEO Bo Pittman $653,237.

“As a part of the contractual obligation of Bo’s employment agreement as determined by the MUNA board of directors in January 2023, Bo will receive compensation equal to five years' salary,” according to MUNA’s merger documents. “This reduced settlement represents an amount less than Bo would have been paid over the life of the contract.”

On Dec. 30, members of the $196 million TransWest Credit Union in Salt Lake City voted in favor of consolidating with the $3.1 billion Utah Community Federal Credit Union.

“By joining together, TransWest Credit Union and Utah Community Federal Credit Union will retain their members-first philosophy and be better positioned to serve members now and into the future,” TranWest said in its NCUA merger documents. “As a result, the board of directors has determined that the opportunity to merge with Utah Community Federal Credit Union is in the best interest of the members.”

TransWest’s net worth of $20,971,578, as of Q3, will transfer to Utah Community.

TransWest’s merger documents filed with the NCUA did not include any information regarding the credit union’s merger-related financial arrangements for its executives.

Members of the $72.4 million Mutual Savings Credit Union in Atlanta voted in favor of consolidating with the $3.5 billion APCO Employees Credit Union in Birmingham, Ala., on Dec. 30.

The credit union said it decided to consolidate with APCO to provide its members with better pricing and service, additional products, enhanced conveniences, account access and lower operating costs.

Mutual Savings’ net worth of $10,684,968, as of Q3, will be transferred to APCO.

APCO offered Mutual Savings President/CEO Rusty Moon a one-time retention bonus of $46,000 if he remains employed with APCO for 30 days following the effective merger date, according to merger documents filed with the NCUA. Moon’s 2023 total compensation amounted to $241,657, the credit union’s IRS 990 filings showed.

On Dec. 28, members of the $11.7 million Team & Wheel Federal Credit Union in Winston Salem, N.C., voted to merge with the $98.6 million American Partners Federal Credit Union in Reidsville.

Team & Wheel said in its merger documents that consolidating was in the best interest of members because American Partners offers additional services and locations.

Team & Wheel's net worth of $1,515,927 will transfer to American Partners.

There were no merger-related financial arrangements listed in Team & Wheel's merger documents.

On Dec. 27, members of the $28.9 million Credit Union Advantage Credit Union of Southfield Mich., decided favorably to consolidate with the $839 million Zeal Credit Union in Livonia.

In its merger documents, Credit Union Advantage said it has been difficult to find new members and its membership has been declining. In addition, Credit Union Advantage CEO Janice Zuchowicz is retiring and there were no internal candidates to consider for the top job coupled with the difficulty of attracting a new CEO against competition from other larger financial institutions.

In addition, Credit Union Advantage’s NCUA financial performance reports showed the credit union has been losing money since 2023 when at the end of that year, it posted a loss of $183,236. Throughout last year, the credit union recorded six-figure and five-figure losses in every quarter, according to NCUA financial performance reports.

Credit Union Advantage’s net worth of $3,416,854, as of Q3, will transfer to Zeal. Credit Union Advantage’s merger documents filed with the NCUA did not include any information regarding the credit union’s merger-related financial arrangements.

Also on Dec. 27, members of the $5.7 million Telco Roswell New Mexico Federal Credit Union approved its consolidation with $46.6 million Roswell Community Credit Union.

In its merger documents, Telco Roswell said modest resources limiting its ability to invest in products and services, and attracting and retaining talent, led to its decision to merge with Roswell Community.

Telco Roswell’s net worth of $1,756,189 will be transferred to Roswell Community. No merger-related financial arrangements were listed in Telco Roswell’s merger documents.

Members of the $262,872 Ouachita Valley Health System Federal Credit Union in Camden, Ark., called a special meeting on Dec. 23 to consider whether to vote in favor of merging with the $59.2 million River Valley Community Federal Credit Union, also based in Camden.

In its merger documents, Ouachita Valley Health System FCU said merging with River Valley Community would provide its members with access to more products and services.

Although there were no merger-related financial arrangement listed on its merger documents, Ouachita Valley Health System’s net worth of $38,486, as of Q3, would be transferred to River Valley Community.