NCUA headquarters. Credit/NCUA
The NCUA approved 41 mergers during the fourth quarter of 2024, bringing the total number of last year’s consolidations to 162, up from the 145 approved consolidations in 2023, but lower than the 181 credit unions that got the green light to merge in 2022.
Twenty-seven consolidations were approved for expanded services. Among the six credit unions that were merged because of poor financial condition, Electro Savings Credit Union and Vocality Community Credit Union lost millions over the last three years, according to NCUA financial performance reports.
Five credit unions were merged for their inability to find new leadership, one for poor management, one for loss/declining field of membership and one for lack of sponsor support, according to the federal agency's Q4 Merger Activity and Insurance Report released on Monday.
The largest mergers for expanded services were:
- The $559 million LA Financial Federal Credit Union in Arcadia, Calif., with the $2.8 billion Credit Union of Southern California in Anaheim, Calif.
- The $509 million SafeAmerica Credit Union in Pleasanton, Calif., into the $3.3 billion Nuvision Federal Credit Union in Huntington Beach, Calif.
- The $211 million Tucson Old Pueblo Credit Union in Tucson, Ariz., with the $12.1 billion Idaho Central Credit Union in Chubbuck, Idaho.
- The $197 million TransWest Credit Union in Salt Lake City with the $3.1 billion Utah Community Credit Union in Provo, Utah.
- The $167 million NE PA Community Federal Credit Union in Stroudsburg, Pa., into the $1.2 billion Utilities Employees Credit Union in Wyomissing, Pa.
- The $192 million Electro Savings Credit Union in St. Louis with the $5 billion CommunityAmerica Credit Union in Lenexa, Kan. Electro Savings posted net losses of $1,959,570 last year, $4,109,596 in 2023 and 1,601,691 in 2022, according to NCUA financial performance reports.
- The $138 million Vocality Community Credit Union in Garberville, Calif., into the $805 million Community First Credit Union in Santa Rosa, Calif. Vocality Community recorded net losses of $585,535 in 2024, $3,167,685 in 2023 and $1,388,032 in 2022, NCUA financial performance reports showed.
- The $21.1 million Luzerne County Federal Credit Union in Wilkes Barre, Pa., with the $114 million Citymark Federal Credit Union in Plains, Pa.
- The $10.1 million Howard University Federal Credit Union in Washington, D.C. into the $1.2 billion Educational Systems Federal Credit Union in Greenbelt, Md.
- The $1.2 million M&C Menlo Park Federal Credit Union in Iselin, N.J., with the $4.1 billion Affinity Federal Credit Union in Basking Ridge, N.J.
- The $230,988 St. Paul A.M.E. Zion Church Credit Union in Cleveland into the $9.1 million Greater Cleveland Community Credit Union.
Credit unions that were merged because of the inability to find new leaders:
- The $86.7 million Empower Credit Union in West Allis, Wis., into the $3.3 billion Educators Credit Union in Mount Pleasant, Wis.
- The $39.1 million Thunderbolt Area Federal Credit Union in Millville, N.J., with the $84.3 million Members 1st of New Jersey Credit Union in Vineland.
- The $11.2 million Team and Wheel Federal Credit Union in Winston-Salem, N.C., into the $100 million American Partners Federal Credit Union in Reidsville, N.C.
- The $10 million Watsonville Hospital Federal Credit Union in Watsonville, Calif., with the $24.8 million Corrections Federal Credit Union in Soledad, Calif.
- The $249,231 Eaton Employees Federal Credit Union in Denver into the $50.7 million Electrical Federal Credit Union in Arvada, Colo.
Because of its loss/declining membership, the $314,129 Pine Bluff Postal Federal Credit Union in Pine Bluff, Ark., received the NCUA’s OK to merge with the $95.6 million Fairfield Federal Credit Union also based in Pine Bluff.
Finally, because of its lack of sponsor support, the $1.2 million Nestle (Freehold) Employees Federal Credit Union in Jackson, N.J., got the green light to consolidate with the $185 million First Financial Federal Credit Union in Freehold, N.J.
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.
Contact Peter Strozniak at [email protected].
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