ALEXANDRIA, Va.-Credit unions added the most underserved areas so far this year during the month of July, according to the latest NCUA data. Fifty-four underserved areas were added to credit unions’ fields of membership in July for a 63.5% approval rating. Deferred underserved areas totaled 31 (36.5%) and no applications were denied. The number of potential members from these underserved areas came to 3,105,525, also a monthly high for 2002. Through the end of July, 251 underserved areas have been added with $2.3 million potential members. Mergers also heated up in July. While 26 approved mergers was not the highest number yet this year, the assets of the federal credit unions merging totaled over $144 million, a monthly record for 2002. Federal and state charters broke even with 13 mergers each, NCUA’s data showed. The assets of the state chartered credit unions came to more than $75 million. During July, NCUA recorded two conversions from a federally insured state chartered credit union to a federal credit union totaling more than $10.6 million in assets. Two federal credit unions converted to federally insured state chartered credit unions with $325 million in assets. Five credit unions, with nearly two million in potential members, converted to community charters for only a 31.3% approval rating. None were denied, but 11 (68.8%) were deferred.

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

Your access to unlimited content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical 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 and

Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2023 ALM Global, LLC. All Rights Reserved.