Credit Unions in Three States Complete Mergers
Credit unions in New York, New Hampshire and Pennsylvania recently completed mergers with small, financially struggling cooperatives.
The $46.3 million Central Hudson Employees Federal Credit Union in Poughkeepsie, N.Y., merged into the $919 million Mid-Hudson Valley Federal Credit Union in Kingston, N.Y.
Although Central Hudson posted a net worth of 21%, its ROAA was 0.39%, according to NCUA financial performance reports. Serving 1,759 members, the credit union also experienced a decline in loans from $11.5 million in 2011 to $9.7 million at the end of 2015, while loan income fell from $607,422 to $473,675 in the same years. Central Hudson's net income also dropped from $340,718 in 2011 to $214,986 in 2015, according to NCUA financial performance reports.
The credit union was chartered in 1941 and employed five full-time employees.
In New Hampshire, the $6.3 million St. Joseph Hospital Employees Credit Union in Nashua consolidated with the $610 million Triangle Credit Union, also based in Nashua.
St. Joseph Hospital Employees CU posted a net worth 9.63% with an ROAA of -.04%, according to NCUA financial performance reports. From 2011 to June 2016, the credit union's net income loss totaled more than $68,000.
St. Joseph Hospital Employees CU was chartered in 1969, served 993 members, and employed two full-time employees and one part-time employee.
New Hampshire's number of active credit unions totals 17.
In Pennsylvania, the $487,375 Sacred Heart of Corpus Christi Federal Credit Union in White Oak was merged into the $17.2 million Alcose Credit Union, also in White Oak.
Sacred Heart had a net worth of 16% with an ROAA of -2.30%, according to NCUA financial performance reports.
Chartered in 1958, the credit union served 154 members. It had no employees.