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Underserved Area Expansions, Mergers, Continue

ALEXANDRIA, Va. - Credit unions across the country have continued to add underserved areas to their fields of membership at a healthy pace, even as they have continued to merge. From the first of the year to end of April, 59 credit unions added underserved areas to their fields of...

By Staff Writer | Updated on June 07, 2005

ALEXANDRIA, Va. – Credit unions across the country have continued to add underserved areas to their fields of membership at a healthy pace, even as they have continued to merge. From the first of the year to end of April, 59 credit unions added underserved areas to their fields of membership, representing the addition of just over 11 million potential members to their fields of membership, according to NCUA. Of those 59, the regulator reported that 44 were FCUs. The agency also reported that a total of 81 credit unions had applied to add underserved areas to their fields of membership so far this year, but that the decisions were deferred for a final decision later. The agency also reported that 81 credit unions merged so far this year, with most being mergers of federally chartered credit unions with each other. In terms of total assets, NCUA reported that just under $1.2 billion in credit union assets have merged this year.

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