ALEXANDRIA, Va.-NCUA has been granting underserved area group additions at an unprecedented pace this year. In September alone, 20 total groups were approved for 15 federal credit unions creating an additional 1,505,154 new potential members. No applications were denied and 10 were deferred. Additionally, one federal credit union with $130 million in assets converted to a federally insured state chartered credit union (FISCU). Another FISCU, with more than $105 million in assets, converted to a federal charter. Also, more federal credit unions survived mergers than state credit unions for the month of September. A total of 22 conversions were approved with 16 federal credit unions continuing and six state charters surviving. Fourteen of the merging credit unions were federals, while eight were state chartered. The assets of the merging federal credit unions totaled over $112 million, while the merging state charters totaled nearly $13 million in assets. In another popular trend, nine credit unions were approved for community charter conversions for more than two million potential members. One application was denied while another eight were deferred.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.