The $14.9 million McKee Credit Union in Collegedale, Tenn., merged with the $1.8 billion Western Federal Credit Union in Manhattan Beach, Calif., on Nov. 1, according to a statement released by Western FCU Monday.
Like many very small credit unions, McKee CU has had financial challenges with declining loan income over the past five years. In 2008, the cooperative posted loan income of more than $331,000, which dropped to just over $231,000 in 2012, according to NCUA financial performance reports.
Though McKee CU posted a net income gain of $51,607 in 2008, it also recorded net income losses from 2009 to 2012 totaling $215,968. Its net income losses have continued through 2013 totaling $79,470 as of Sept. 30, according to NCUA financial performance reports.
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