San Antonio credit union picks Oregon mobile technology provider.
Crippled by mounting commercial loan losses, the $1.6 billion Texans Credit Union was placed in conservatorship on April 15 by the NCUA.
The $6.1 billion Security Service FCU said it has not made a bid for the newly conserved $1.6 billion Texans Credit Union.
The $6 billion Security Service Federal Credit Union last week acquired a second, conserved CU, the $119 million Family First FCU of Orem.
The takeover late yesterday by the $6 billion Security Service Federal Credit Union of the NCUA-conserved Family First FCU of Orem has been in the works since last October.
By most accounts, 2010 should have been a barn burner in the number of credit union mergers, based on rising assessments, the corporate crisis and a bad economy hitting a large part of the country.
Regulators pulled the plug on a Salt Lake City credit union that had been a candidate to change its charter to that of a mutual bank.
The $6 billion Security Service Federal Credit Union of Texas said Friday its takeover this week of the failed $145 million Beehive CU "is going very well with positive member response" despite months of public turmoil.
Tuesday's NCUA-engineered takeover of the failed Beehive Credit Union in Utah by a large Texas CU adds a new player to the state's financial landscape "and should be welcomed by Utah consumers."
The $5.6 billion Security Service Federal Credit Union of San Antonio has now completed its merger of the failed $130 million Norbel Credit Union of Fort Collins, Colo. in a transaction that followed an NCUA liquidation.