January was a slow month for credit union mergers.

Twelve consolidations in the first month of 2014 were approvedby the NCUA, according to its monthly Insurance Activity Report.

That number is down from the 17 mergers approved in January 2013and 22 consolidations in January 2012.

All of the credit unions that received the OK to merge wereunder $50 million in assets. January's approved mergers occurred in10 states. NewYork and Massachusetts each had two mergers, while Connecticut,Michigan, Vermont, Pennsylvania, Florida, Arkansas, Illinois andIdaho each had one.

Nine of the approved mergers will allow credit unions to expandservices to members. One credit union received the greenlight to merge because of its inability to attract a new CEO, andconsolidations for two credit unions were approved because of poorfinancial condition, according to the NCUA report.

The $10.7 million, Local #170 Teamsters Federal Credit Union inWorcester, Mass., was one of the two credit unions that receivedapproval to merge because of poor financial condition.

The 1,260-member credit union's total loans dropped from $4.3million in 2009 to $3.3 million in 2013, while its loan income fellfrom $292,567 to $206,231 in the same years, according to NCUAfinancial performance reports.

Moreover, Local #170 Teamsters FCU posted a total net incomeloss of more than $987,000 over the last five years, NCUA financialperformance reports show.

The credit union is expected to merge with the $48 million,6,515-member New England Teamsters Federal Credit Union inArlington, Mass.

The $6 million, 849-member Keystone First Federal Credit Unionof Hazelton, Pa. also claimed poor financial condition to receiveits NCUA approval to consolidate with the $117 million,8,538-member PPL Gold Credit Union in Allentown, Pa.

Nearly all of Keystone First FCU's financial performance numbersavailable on the NCUA's website were below peer averages, includingreturn on average assets, loan yield, investment yield,non-interest income and net margin. Though its operating expenseswere higher than peer averages, its cost of funds was lower thanpeers.

With only $404,000 in assets and 137 members, R.C.S. FederalCredit Union in Randolph, N.Y., was unable find anyone to becomeits manager and received the NCUA's nod to consolidate with $41million Jamestown Area Community Federal Credit Union in Jamestown,N.Y., which serves more than 6,000 members.

The other NCUA approved mergers were: the $746,146 WiremoldFederal Credit Union of West Hartford, Conn., with the $80 millionHartford Federal Credit Union in Hartford, Conn.; the $2.9 millionTrenary Cooperative Federal Credit Union in Trenary, Mich., withthe $27.6 million Munising Community Credit Union in Munising,Mich.; the $6.3 million Chob Federal Credit Union in Buffalo, N.Y.into the $5.9 million Kaleida Health Federal Credit Union ofBuffalo, N.Y.; the $10.8 million Newton Municipal Credit Union inNewton Center, Mass., into the $1.2 billion Metro Credit Union in Chelsea, Mass.; the $2.4million Rutland City Teach & Municipal Employees Credit Unionin Rutland, Vt., into the $21.3 million Green Mountain Credit Unionin South Burlington, Vt.; the $16.8 million Pensacola Credit Unionin Pensacola, Fla., into the $45.7 million Pensacola GovernmentCredit Union in Pensacola, Fla.; the $3.1 million Miller CountyTeachers Credit Union in Texarkana, Ark., into the $104 millionMil-Way Credit Union in Texarkana, Ark.; the $3.8 million UnitedMethodist Ministries Credit Union in Bloomington, Ill., into the$188 million Land of Lincoln Credit Union in Decatur, Ill., and the$47 million Boise U.S. Employees Federal Credit Union in Boise,Idaho into the $163 million Icon Credit Union in Boise, Idaho.