The $8.5 million Park Schools Credit Union in St. Louis Park,Minn., merged with the $132 million United Educators Credit Unionin Apple Valley, Minn., on April 1.
|Park Schools CU's branch remains open and its two employeescontinue to work for United Educators CU, the remaining creditunion announced.
|Also read:
Mergers Continues to Shrink Credit UnionRanks
|Founded in 1953, Park Schools CU served 1,314 members. Like many small credit unions, Park Schools decided to merge inpart because it was becoming increasingly difficult to compete.
|Between 2008 and 2012, the credit union posted a total netincome loss of $481,168, according to NCUA financial performancereports.
|Meanwhile, in Pennsylvania, the $6 million Bethlehem MunicipalEmployees Federal Credit Union in Bethlehem merged with the $39million Bethlehem Teachers Federal Credit Union also in Bethlehemon April 1.
|Founded in 1957, BMEFCU served 1,417 members.
|Market challenges also forced BMEFCU to merge, the credit unionssaid. According to NCUA financial performance reports, BMEFCUposted a total net income loss of $134,736 between 2009 and2012.
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