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

The Skills Board Chairs Need Now: Leading Through Complexity, Not Control

NCOFCU Podcast   Grant Sheehan CCUE | CCUP | CEO-NCOFCU The role of the board chair has quietly—but fundamentally—changed. A decade ago, success was defined by experience, authority, and strategic judgment. Today, those traits are still relevant—but no longer sufficient. The modern board chair operates in a world shaped by competing stakeholder demands, technological disruption, geopolitical uncertainty, and increasing scrutiny. What emerges is a role that is less about control—and more about navigating complexity. Below are the core capabilities that now define effective board leadership. 1. From Authority to Orchestration The most important shift is conceptual. Board chairs are no longer expected to be the smartest voice in the room. Instead, they are expected to make the room smarter . This requires the ability to: Synthesize large volumes of information Reconcile conflicting perspectives Facilitate high-quality dialogue Traditional strengths like executive experience matter les...
Post a Comment
Read Complete Article HERE>»

It All Starts in the Boardroom

It all starts in the boardroom—but the consequences are felt far beyond it. When Governance Breaks Down, Members Pay the Price Credit unions are built on a simple but powerful idea: they are owned by their members. Unlike traditional banks, where shareholders drive decisions, credit unions are meant to operate democratically—guided by a volunteer board elected by the very people they serve. But that model only works when participation exists. A governance breakdown happens when the people elected to oversee an institution stop truly representing the people who own it. In credit unions, this breakdown doesn’t usually come from scandal or sudden failure. It happens quietly, over time—through disengagement. The Root of the Problem: Low Engagement Most credit union members don’t vote. Board election turnout is typically in the low single digits. In some cases, it’s barely measurable. That means a very small percentage of the membership is effectively deciding who governs an institution th...
Post a Comment
Read Complete Article HERE>»

On Stablecoins, NCUA Has Opportunity to Strike Right Balance and Get it Right

By Grant Sheehan As digital payments continue to evolve, the National Credit Union Administration’s (NCUA) efforts to establish a regulatory framework for stablecoins mark an important step forward. For credit unions, especially those serving mission-driven communities like firefighters and first responders, access to emerging financial technologies is not just an opportunity but a necessity to remain competitive and relevant. The  National Council of Firefighter Credit Unions  (NCOFCU) appreciates the  thoughtful input  provided by both America’s Credit Unions and the Defense Credit Union Council (DCUC) on the NCUA’s proposed stablecoin framework. We find strong merit in the recommendations of both organizations and believe their combined perspectives offer a constructive roadmap for getting this right. Important First Phase, But… At its core, the proposal represents an important first phase in implementing the stablecoin provisions of the GENIUS Act. Establishing a...
Post a Comment
Read Complete Article HERE>»

Sunday Reading - Why the IRS is necessary

  'Taxman'   Why the IRS is necessary The Internal Revenue Service, or IRS, is a division of the US Treasury Department created in 1862   that enforces the Internal Revenue Code —Title 26 of the US Code, a compilation of federal statutes—and, effectively, oversees tax collection. In 2024, the IRS's roughly 75,000 employees collected roughly $5T in tax revenue.   Given its role in diverting household income streams, it also has a bad reputation. Half of Americans had an "unfavorable view" of the IRS as of 2024 ( see data ). In a ranking of 16 well-known federal agencies by popularity that year, t...
Post a Comment
Read Complete Article HERE>»

It's Financial Literacy Month

April is Financial Literacy Month—a time dedicated to empowering individuals and families with the knowledge and tools needed to make informed financial decisions. Whether you're budgeting, saving, managing debt, or planning for the future, improving your financial literacy can have a lasting impact on your well-being. We invite you to explore our Consumer Education website, where you'll find helpful resources, tips, and guidance to support your financial journey. If you find it valuable, please share it with your family and friends—because financial knowledge is even more powerful when it’s shared. https://www.ncofcu.org/financial-literacy  ================================================= Remember, you're not alone with  NCOFCU.org Join/Upgrade Check out some of NCOFCU's additional features: Annual Conference First Responder Credit Union Academy Financial Literacy Podcasts YouTube Mini's Advocacy  
Post a Comment
Read Complete Article HERE>»

Growing Use of Stablecoins Could Reshape How FIs Manage Liquidity, Allocate Assets, NY Fed Report Suggests

NEW YORK — The growing use of stablecoins tied to the U.S. dollar could reshape how banks manage liquidity and allocate assets, potentially leading institutions that support the digital tokens to hold more reserves and make fewer loans, according to a new study from the  Federal Reserve Bank of New York . The paper, titled “ Stablecoin Disintermediation ,” was authored by economists Michael Junho Lee and Donny Tou and examines how stablecoin activity affects the balance sheets and liquidity management of banks that partner with stablecoin issuers. The researchers found that while stablecoins rely on traditional banks to function, the relationships can alter the liquidity demands placed on those institutions. Banks serving stablecoin issuers tend to hold larger reserve balances and reduce the share of assets devoted to lending, shifting toward a more reserve-heavy banking model. Focus of Study The study focused on developments following the March 2023 collapse of...
Post a Comment
Read Complete Article HERE>»

Where are your children banking?

  Grant Sheehan CCUE | CCUP | CEO, NCOFCU The B reach  Between Purpose and Experience Just recently, I came across a story that has stayed with me. It wasn’t dramatic in the traditional sense. There was no scandal, no crisis, no headline-grabbing failure. In fact, it was something much quieter than that. It was simply the story of an eighteen-year-old leaving his credit union. On the surface, that might not sound remarkable. Young people move their money frequently. They open new accounts, experiment with apps, follow trends, and often make financial decisions influenced by the digital tools at their disposal. But this story was different. This young man had been a credit union member since he was a few weeks old, as many credit unions do. His mother has spent her career working inside the credit union movement as an executive. For eighteen years, his financial life was connected to a credit union. If anyone might be expected to remain a lifelong member, it wou...
Post a Comment
Read Complete Article HERE>»

NCUA REQUIRED INFORMATION FOR CREDIT UNION BOARD CHAIRMEN AND MANAGEMENT

Letter to Federal Credit Unions (20-FCU-03) Amended Field of Membership Application Requirements for Combined Statistical Area and Core-Based Statistical Area Dear Boards of Directors and Chief Executive Officers: On October 14, 2020, amendments to the NCUA’s chartering and field-of-membership rules ( 12 CFR Part 701 Appendix B ) will go into effect. These changes will allow a credit union applying for NCUA approval of a community charter, expansion, or conversion to designate a Combined Statistical Area (CSA) or an individual, contiguous portion of a CSA as a well-defined local community (WDLC) if the area has a population of 2.5 million or less. Beginning October 14, 2020, prospective and existing federal credit unions seeking a community charter may use a CSA or portions of a CSA (within certain limitations, as defined in the rule) as a basis for defining their proposed service area without documenting how a CSA’s residents interact or sha...
Post a Comment
Read Complete Article HERE>»

How Your Bank/Credit Union Can Fight ‘Soft Switching’ — and Even Steal a Few Accounts of Your Own

Your Members Aren't Leaving in a Huff, They're Just Fading Away. Here's How to Stop It. “Soft switching” is picking up as Americans’ financial activity continues to fragment among multiple players, according to new research from JD Power. This trend has implications both for banks and credit unions that want to retain and grow existing relationships, as well as those that would also like to expand by snapping up accounts from other institutions. Key risk:  Once someone establishes a relationship with another provider, their one-time primary financial institution risks slipping into second place — or even losing the relationship entirely. Need to Know: The average checking account customer now has three deposit accounts at different institutions, the study found. One out of five consumers moved money away from their primary financial institution in the past three months, according to the study, an increase over the 17% rate seen in the previous edition. Departures aren’t sud...
Post a Comment
Read Complete Article HERE>»

Is a Four-Day Workweek Right for Your Association?

  Many organizations are considering moving to a four-day workweek. But how can you implement a flexible work schedule to staff and still provide the same level of service to members? One association shares how it found a balance through iteration and practice. By Hannah Carvalho Mar 15, 2023 Though the idea of moving to a four-day workweek has recently grown in popularity , the College and University Professional Association for Human Resources began exploring the idea almost 15 years ago. Rising gas prices after Hurricane Katrina and the 2007 financial recession led CUPA-HR to introduce the shorter workweek into its 2008 summer schedule to better support staff. “We serve higher education, and since college campuses tend to be quiet during the summer, it made sense to try [the four-day workweek] then,” said Rob Shomak...
Post a Comment
Read Complete Article HERE>»