The $8.7 million, 3,116-member Southern Illinois Area Credit Union in Swansea, Ill., will merge at the end of the year with the $186 million, 23,639-member Arsenal Credit Union in Arnold, Mo., the credit unions said.
Like many small credit unions, SIACU has been struggling financially with declining loan, fee and investment income. The cooperative's net worth fell to 6.37% on June 30, from 7.34% in December 2012, according to NCUA financial performance reports.
From 2008 to 2012, SIACU posted a total net income loss of $412,068, NCUA financial performance reports show.
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