Florida Regulators Get Merger Request From Small CUs
The Florida Office of Financial Regulation in Tallahassee is reviewing an application for a merger between the $899,986 Mac Neill Employees Credit Union in Sunrise, Fla., and the $77 million Priority One Credit Union also based in Sunrise.
If approved by regulators, Mac Neill Employees CU would merge into Priority One CU, the first consolidation for 2013 in the Sunshine State, according to NCUA records.
Though Mac Neill Employees CU has a net worth/total assets ratio of 29.35, its loan and investment revenues have been steadily declining since 2008, and its fee income has been flat, according to NCUA financial performance reports. The credit union’s net income also has fallen from $12,191 in 2009 to $4,709 in 2012.
Mac Neill Employees CU’s membership also has declined from 257 in March 2008 to 165 in March 2013, according to Callahan & Associates.