June Sees Merger Create Billion Dollar Credit Union
ALEXANDRIA, Va.-Two credit unions merged during the month of June to create a new billion dollar institution, according to NCUA's monthly Insurance Report of Activity. Meriwest Credit Union, with $940 million in assets, took in $93 million Silicon Valley Credit Union in June to create yet another credit union over $1 billion in assets. Another merger between two larger credit unions was $548 million Macomb Schools and Government Credit Union and SOC Credit Union with $182 million in assets. On the flip side-and more typical in credit union mergers-tiny Pilgrim Baptist Church Federal Credit Union ($116,411) was merged into Paragon Federal Credit Union with $396 million in assets. Thirty credit union mergers took place in June with 10 of the merging institutions under $1 million in assets. Additionally, eight credit unions converted to community charters, adding a potential of 3.9 million members. The largest conversion was $649 million America's First Federal Credit Union in Birmingham, Ala., which was approved for a community encompassing Bibb, Blount, Chilton, Jefferson, Shelby, St. Clair, and Walker Counties with just over one million potential members. Credit unions continued to take underserved areas under their wings in June. NCUA approved 12 underserved area adoptions for a total of 583,061 potential members. Arizona Federal Credit Union adopted an area with 214,359 potential members, while Red River Federal Credit Union in Oklahoma added an area with 114,996 potential members and WV United Federal Credit Union added two areas more than 60,000 potential members. Mid-year numbers show that NCUA has approved 61 community charter conversions in the first half of the year and 96 underserved areas. Six state charters with $226.4 million in assets have converted to federal charters, while two federal charters with $229 million in assets have converted to state charters. NCUA has approved the chartering of four new federal credit unions and one state charter. In addition, nine TIP charters have been approved.