ALEXANDRIA, Va. – At this point, the month of April had the fewest credit union mergers this year, according to NCUA's monthly Insurance Report of Activity.
Fifteen mergers took place in April with 10 of them including credit unions under $10 million in assets. The largest merging credit union was Gateway CU ($179 million), which is merging with $713 million Westerra CU.
In the face of lawsuits brought by the American Bankers Association challenging NCUA's determination of community charters and the adoption of underserved areas by non-multiple common bond credit unions, credit unions continued to pursue these methods of expansion. Four credit unions converted to community charters, including $38 million Auto Workers FCU in West Mifflin, Pa., for 1.5 million potential members and Pittsburgh Central FCU for 1.6 million potential members. Additionally, 11 applications were deferred.
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