With the number of small credit unions shrinking day by day from closures and mergers it is essential that you know that the National Council of Firefighter Credit Unions Inc. (NCOFCU) is here for you!
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The NCUA approved 53 consolidations during last year’s fourth quarter, bringing the total number of mergers to 192 in 2018.
That total number of annual mergers is down from the 200 consolidations approved by the independent federal agency in 2017 and 2016, 238 in 2015 and 262 in 2014.
The fourth quarter’s largest mergers included the $325 million Progressive Credit Union in New York City into the $24 billion PenFed in McLean, Va., which was followed by the $378 million Bridgewater Credit Union in Bridgewater, Mass. with the $614 million Merrimack Valley Federal Credit Union in Lawrence, Mass., the $89 million Incenta Federal Credit Union in Englewood, Ohio into the $290 million Pathways Financial Credit Union in Columbus, Ohio, and the $71 million Augusta Vah Federal Credit Union in Augusta, Ga., into the $927 million SRP Credit Union in North Augusta, S.C.
Four credit unions received the green light to merge because of poor financial condition.
Those financial cooperatives were the $2.5 million WOD Credit Union in Forty Fort, Pa. into the $128 million UFCW Community Federal Credit Union in Wyoming, Pa., the $4 million F.C.I. Federal Credit Union in Littleton, Colo., into the $226 million Rocky Mountain Law Enforcement Federal Credit Union in Lone Tree, Colo., and the $16.6 million Kingsville Area Educators Federal Credit Union in Kingsville, Texas, with the $312 million Coastal Community and Teachers Credit Union in Corpus Christi, Texas.
In addition, an emergency merger in January consolidated Progressive CU with PenFed. According to NCUA financial performance reports, Progressive posted net income losses of more than $102 million at the end of 2018 because of its non-performing taxi medallion loan portfolio.
The NCUA approved three credit unions to consolidate because of their loss of or declining field of membership, which included the $9.3 million Dial Credit Union and the $20 million Allsteel Credit Union both based in Oswego, Ill. Both of those credit unions merged into the $18.8 million Fox Valley Credit Union in Aurora, Ill.; and the $914,067 Soreng Employees Credit Union in Itasca, Ill., that got the green light to consolidate with the $169 million Northstar Credit Union in Warrenville, Ill.
Because it was unable to find new leadership, the $185,115 Zachary Community Federal Credit Union in Zachary, La. received NCUA approval to merge with the $110 million Eagle Louisiana Federal Credit Union in Baton Rouge.
Forty-five credit unions received the nod to merge from the NCUA for “expanded services.” Forty-one of these financial cooperatives were well under $50 million in assets.
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