High-Profile Merger Deals Grabbed the Headlines
There were plenty of high-profile merger deals in 2010 highlighted by big West Coast combinations accompanied by voluntary and involuntary consolidations plus conservatorships. All of this activity altered the CU landscape, most prominently in the sand states.
The NCUA's June conservatorship of the failed Arrowhead Central CU of San Bernardino and Navy Federal's agency-engineered takeover of USA Fed CU of San Diego occupied industry attention for months amid ongoing controversy over management performance.
Not to be outdone was an equal-size pending megamerger of the $3.5 billion Kinecta FCU of Manhattan Beach and the $1.2 billion NuVision FCU of Huntington Beach. Management of both CUs was awaiting regulatory and member approval with no sign when that might come.
And in the Midwest on a smaller scale but still noteworthy was the $1.4 billion consolidation in the spring of Detroit Edison CU and NuUnion CU of Lansing rebranded as Lake Trust CU. That application has been before regulators for nearly a year.