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ALEXANDRIA, Va.-Underserved areas adopted by federal credit unions in August led to over two million potential members, while community charter conversions brought in nearly three million, according to NCUA data. Credit unions added more than two million potential members by adopting underserved areas in August, NCUA’s monthly Insurance Report of Activity stated. FEC Federal Credit Union in Medley, Fla. and Shell New Orleans Federal Credit Union adopted local underserved areas of nearly half-a-million people each. Jax Federal Credit Union added four underserved areas in Clay and Duval Counties in Florida for a total potential membership of 281,120. Additionally, The People’s Federal Credit Union in Amarillo, Texas added underserved areas in Canyon, Deaf Smith, Potter, and Randall Counties with a population of 135,498. Goldenwest Federal Credit Union, one of the CUs whose previously NCUA-approved community field of membership was successfully challenged in a lawsuit brought by the American Bankers Association against the NCUA, added an underserved area of 111,732. Ten credit unions also added nearly three million potential members by converting to community charters. The largest fell just under a million each for $49 million Buffalo Postal Community Federal Credit Union in New York and $252 million Pearl Harbor Federal Credit Union. The TIP-trade, industry or profession-charter choice presented itself as a viable alternative for single sponsor credit unions with Public Health Service Federal Credit Union of Rockville, Md. changing its field of membership to serve all the federal government’s civil industry in the Washington, D.C.-Baltimore area. Also, according to the report, two credit unions swam against the tide and decided to leave the federal charter behind for state supervision. The $25.4 million KMC Network Federal Credit Union of Kettering, Ohio, and tiny St. Peter’s Yonkers Federal Credit Union in New York with $844,563 in assets converted to state charters in August. NCUA’s report also showed that the credit union merger trend is alive with 23 mergers taking place. Four of the merged institutions were over $10 million in assets, including Empire Affiliates Federal Credit Union ($144 million) which merged with Toledo Area Community Credit Union ($193 million in assets). Of the remaining mergers, 16 were of credit unions between $1 million and $10 million in assets and three were below $1 million. -

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