Minnesota, Pennsylvania Mergers See Two More Small CUs Vanish
The $8.5 million Park Schools Credit Union in St. Louis Park, Minn., merged with the $132 million United Educators Credit Union in Apple Valley, Minn., on April 1.
Park Schools CU’s branch remains open and its two employees continue to work for United Educators CU, the remaining credit union announced.
Founded in 1953, Park Schools CU served 1,314 members. Like many small credit unions, Park Schools decided to merge in part because it was becoming increasingly difficult to compete.
Between 2008 and 2012, the credit union posted a total net income loss of $481,168, according to NCUA financial performance reports.
Meanwhile, in Pennsylvania, the $6 million Bethlehem Municipal Employees Federal Credit Union in Bethlehem merged with the $39 million Bethlehem Teachers Federal Credit Union also in Bethlehem on April 1.
Founded in 1957, BMEFCU served 1,417 members.
Market challenges also forced BMEFCU to merge, the credit unions said. According to NCUA financial performance reports, BMEFCU posted a total net income loss of $134,736 between 2009 and 2012.