Twenty-one credit unions merged out of existence during the month of May, according tothe NCUA's monthly Insurance Activity Report, posted Thursday onthe regulator's website.

None of the merged credit unions had more than $35 million inassets.

Ten merged to expand services to member, seven merged due topoor financial condition, two cited a lack of growth, and two moremerged with a state chartered credit union, the report said.

The $34 million Greater Oregon FCU of Burns, Ore. was among the merged creditunions that cited poor financial condition. As of March 31, the3,262-member cooperative reported only 1.84% net worth and 20.35%delinquencies.

Nearly all the credit union's financial performance numbersavailable on the NCUA's website were below peer averages, includingloan yield, investment yield, non-interest income and net margin,while cost of funds and operating expenses were higher thanpeers.

According to the credit union's website, GOFCU was firstchartered in 1940 and converted to a community charter in 1982. Itwas located in sparsely populated Harney County, which according tothe 2010 Census is home to 7,600 residents spread out over 10,000square miles, making it the largest county in Oregon and the ninthlargest in the U.S. It merged into the $1 billion SELCO CommunityCredit Union of Eugene, Ore.

The $34.2 million Alameda Credit Union of Alameda, Calif. alsoclaimed it suffered from poor financial condition when it mergedinto the $1.7 billion Provident CU of Redwood City, Calif. However,ACU's numbers were comparably better than GOFCU's.

Net worth was 6.21% as of March 31, according to the3,162-member credit union's financial performance reports, and hadbeen in that range for some time. Delinquencies were higher thanpeer numbers but not wildly out of control, at 2.53% as of March31. Despite higher than peer operating expenses, the credit unionwas earning an about average net margin and had robust non-interestincome.

Other mergers of note included the $27.4 million Lutheran CreditUnion of America of Brea, Calif. into the $256.5 million America'sChristian Credit Union of Glendora, Calif.; the $17.5 million CWALong Island FCU of Ronkonkoma, N.Y. into the $908 million IslandFCU of Hauppauge, N.Y.; the $13.4 New York Metro FCU of New York,N.Y. into the $829 million USAlliance FCU of Rye, N.Y.; and the$15.5 million Veterans Administration Credit Union of Milwaukee, Wis. intothe $1.9 billion Summit Credit Union of Madison, Wis.