Skip to main content

The NCUA approved 53 consolidations during last year’s fourth quarter



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!


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.


Comments

Post a Comment

Please no profanity or political comments.

Popular posts from this blog

Unlocking the Future: How Generative AI is Transforming Credit Unions

  Unlocking the Future: How Generative AI is Transforming Credit Unions In the rapidly evolving financial landscape, technology plays an increasingly pivotal role. Among the most exciting advancements is Generative AI, which is poised to transform how credit unions operate and serve their members. Read on to discover how generative AI can reshape the member experience and optimize operations within credit unions. What is Generative AI? Generative AI refers to a class of artificial intelligence that can create new content—such as text, images, and audio—based on existing data. Unlike traditional AI, which focuses on analyzing and recognizing patterns, generative AI synthesizes new information, offering exciting possibilities for financial institutions, particularly credit unions. The Applications of Generative AI in Credit Unions Personalized Financial Advice Credit unions pride themselves on their member relationships, and generative AI can enhance these connections....
Post a Comment
Read Complete Article HERE>»

👨‍👩‍👧‍👦 You Need to Prepare Now to Compete for New Fed Gov’t Funded Savings Accounts for Children

WASHINGTON–Credit unions, which often talk about the need for younger members, will now have the opportunity to compete in a new arena for the youngest members of all, as the recently passed reconciliation bill includes language creating and funding for a new savings account for children, with a one-time deposit of $1,000 from the federal government for those born in 2025 through 2028. The new accounts are expected to create a new battleground of competition for credit unions as every provider from banks to fintechs to others seeks to capture the accounts.  The final version of the bill makes the tax-free savings accounts for minors, called Trump accounts, a form of individual retirement account (IRA) under Sec. 408(a), according to the Journal of Accountancy. Under the legislation, the accounts will be IRAs (but not Roth IRAs) for the exclusive benefit of individuals under 18.  About the Contributions “Contributions can only be made in calendar years before the beneficia...
Post a Comment
Read Complete Article HERE>»

Live Podcast with Bonnie Sensing, Executive VP of Nashville Firemen's Credit Union on BSA

Jo in us in this live episode as Grant Sheehan, CCUE | CEO of the National Council of Firefighter Credit Unions (NCOFCU), interviews Bonnie Sensing, Executive VP of Nashville Firemen's Credit Union. We break down the BSA complex regulations, explore BSA compliance strategies, and discuss real-world implications for directors and staff. BSA Podcast YouTube NCOFCU Podcasts  
Post a Comment
Read Complete Article HERE>»

Before You Push Send!

  The Art of Thoughtful Discourse in a Noisy World In an era where opinions flood every corner of social media, news platforms, and casual conversations, the sheer volume of voices can be both inspiring and overwhelming. Everyone seems to have something to say, and while it's a beautiful thing to witness such diverse perspectives, it raises an important question: how can we ensure that our contributions are meaningful and resonate with others? The Power of Evidence-Based Opinions At the heart of impactful communication lies the value of substantiation. Personal views are indeed intriguing and can spark engaging discussions. However, without solid evidence or context to support them, these opinions can quickly lose their potency. When we articulate our thoughts without backing them up, we risk contributing to the noise rather than enhancing the dialogue. To make meaningful contributions, it’s essential to prioritize reasoning over reflexivity. Taking the time to gathe...
Post a Comment
Read Complete Article HERE>»

The Case for Advisory Committees in Credit Unions

  Grant Sheehan, CEO, NCOFCU The Case for Advisory Committees in Credit Unions: Ensuring Vibrant Leadership and Member Engagement In the world of credit unions, the leadership structures often reflect a unique balance of tradition and innovation. For many credit union boards of directors, tenure can stretch over decades, creating a wealth of experience and stability. However, when these long-serving members retire from the host company, a common phenomenon arises: a reluctance to leave their positions. While their dedication is commendable, this situation can pose challenges to the credit union’s ability to adapt to the evolving needs of its membership. As directors transition into retirement, they may find that their connection to the credit union and its members has diminished. Having spent years in leadership, their focus can inadvertently shift to legacy management—relying heavily on what has historically worked rather than embracing new strategies. This is where t...
Post a Comment
Read Complete Article HERE>»