NCUA-Approved May Mergers Increase
In May, the NCUA approved 17 mergers with the largest consolidations occurring in Washington, California and North Dakota.
The number of mergers in May picked up from April when the federal agency gave the green light to only 11 consolidations.
The largest approved merger was the $101 million Woodstone Credit Union in Federal Way, Wash., with the $483 million Qualstar Credit Union in Redmond, Wash.
The Woodstone board of directors decided to merge after the planned retirement of its President/CEO Susan Streifel on June 30. Diane Percival was appointed interim president/CEO until the expected completion of the merger in August.
The combined credit union will manage $585 million in assets and serve more than 78,000 members. .
The $212 million Community First Credit Union in Santa Rosa, Calif. was approved to merge with the $240 million Mendo Lake Credit Union in Ukiah, Calif., which was the second largest consolidation in May.
Although the Mendo Lake charter will be retained, allowing the combined credit union to continue serving low-to-moderate income households, it will adopt the Community First name. Todd Sheffield will continue as the credit union’s president/CEO.
Mendo Lake CU President/CEO Richard Cooper retired in January. Mendo Lake was founded by teachers and chartered in 1959.
When the merger is officially completed on July 31, Community First CU will manage $452 million in assets and serve more than 50,000 members.
May’s third largest approved merger was the $125 million Northern Tier Credit Union in Minot, N.D. into the $179 million North Star Community Credit Union in Maddock, N.D.
Northern Tier, which served more than 12,000 members, was chartered in 1959. The combined cooperative will manage $304 million in assets and serve more than 22,000 members.
Other credit unions with more than $50 million in assets approved to merge were the $67 million FedCom Credit Union in Grand Rapids, Mich., with the $408 million Members First Credit Union in Midland, Mich., the $73 million Musicians’ InterGuild Credit Union in Los Angeles, Calif., into the $236 million SAG-AFTRA Federal Credit Union in Burbank, Calif., and the $64 million Scenic Falls Federal Credit Union in Idaho Falls, Idaho, with the $179 million Idaho State University Credit Union in Pocatello, Idaho.
Two credit unions, the $4 million AMOCO East Texas Federal Credit Union in Longview, Texas and the $38 million West Maui Community Credit Union in Lahaina, Hawaii, received the green light to merge because of their poor financial condition, according to the NCUA.
AMOCO East Texas was approved to consolidate with the $1.3 billion Barksdale Federal Credit Union in Bossier City, La., and West Maui Community was approved to merge with the $276 million Maui County Federal Credit Union in Wailuku, Hawaii.