Variety of Chartering Activity Takes Place in September
ALEXANDRIA, Va. -- NCUA was busy with chartering activity from community charter conversions to state-to-federal and vice versa and private to federal insurance.
The agency approved just five community conversions last month, none of which were particularly large. The largest was PEF Federal Credit Union, which may now serve a number of cities in Cuyahoga County, Ohio. The $20 million credit union has 9,609 members and added an area encompassing 763,184 potential members.
Just three underserved areas were adopted in September with two of them going to New York's $1.3 billion State Employees Federal Credit Union. The mega credit union has 665,996 members and adopted potentially nearly one-half-million more in the cities of Amherst, Buffalo, and Lackawanna.
Tiny $311,326 Holy Family Parish Credit Union in Rochester, N.Y. converted to a federal charter while $49 million Members Source Federal Credit Union in Merrillville, Ind. changed to a state charter. Meanwhile, Credit Union of Ohio will convert from private to federal deposit insurance as of Nov. 1.
Two new federal credit unions were chartered, Reid Temple in Glenn Dale, Md. and Freedom 21 in Hollow Rock, Tenn. with 3,620 and 8,000 respective potential members.
The merger trend continued with 26 approved by NCUA in September, 17 of which were merging credit unions under $10 million in assets.