ALEXANDRIA, Va. – Three small credit unions from the Gulf Coast were merged during the month of March, according to NCUA’s monthly Insurance Report of Activity.

The smallest was $114,225 State and Parish Employees Federal Credit Union in Baton Rouge, which merged with $113 million The New Orleans Firemen’s Federal Credit Union of Metairie, La. Though delinquencies began increasing last summer, they jumped to $108,000 for the tiny credit union as of the March Call Reports with the majority more than two months over due. Loss of or declining field of membership was the reason provided for the merger. NCUA Director of Public and Congressional Affairs John McKechnie confirmed that this merger was related to Hurricanes Katrina and Rita that hit the region late last summer. This merger was voluntary, he explained, as were three earlier ones related to the storms. Orleans Public Schools was the only one that cost the NCUSIF money with a $550,000 tab. Another four to six impacted credit unions are still considered potential merger candidates, according to McKechnie.

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.