ALEXANDRIA, Va. — NCUA approved zero credit union conversions to community charters during the month of January.
According to NCUA's Insurance Report of Activity, none were approved, but two were deferred for further information.
However, three community credit unions elected to expand their charters during the month of January, including Shell Federal Credit Union in Deer Park, Texas, which added more than 3.4 million potential members to its field of membership.
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Additionally, the credit unions that still can, took advantage of adopting underserved areas. SecurityPlus Federal Credit Union in Baltimore made news when it adopted all of Baltimore City in Maryland as an underserved area, encompassing 651,154 potential members. The $265.1 million credit union already has nearly one million members.
General Electric Employees Federal Credit Union in New Haven, Conn., with $103.7 million in assets and 190,000 members, also added 193,640 potential members.
Media First Credit Union made the switch from state to federal charter, while Marcy Federal Credit Union, after its second attempt, successfully converted to a mutual savings bank in January.
Just 15 credit unions merged during the month.
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