Chartway FCU Looking for More Merger Partners
With its NCUA Utah merger deal under its belt, the $1.5 billion Chartway Federal Credit Union of Virginia is still bent on scouting out more struggling CUs in the West and Midwest for possible acquisition "and may have another to announce some time soon," said Ronald Burniske, the president/CEO.
"We did have another credit union in a Southwest state undergoing financial troubles and showing an interest but they've told us they think they can go it alone," said Burniske, who has been candid about his CU ambitions for national field of membership growth.
Following its Dec. 31 NCUA-approved merger of the $311 million HeritageWest of Tooele, Utah, Chartway now has 55 branches in 10 states and 200,000 members.
Except for large losses in its commercial loan portfolio, he said that HeritageWest's overall financial condition on delinquencies and performance is quite satisfactory and that it has an enviable reputation in Tooele, a Salt Lake City bedroom community. He said Utah by no means should be lumped with the sand states of Arizona, California and Nevada since its economic distress is less than its neighbors having 4 1/2 % unemployment rate.
HeritageWest, which was renamed in 2008 from its previous moniker Tooele FCU and was once involved in the epic bank/CU battles between the Utah League of Credit Unions and the Utah Bankers Association over statewide FOM laws. At one time, pro-bank legislators sharply attacked Tooele management on its FOM reach and effectively blocked branches into the tony and touristy Park City ski areas.