Looking back five years ago finds corporate numbers dropping to 34 with New York-based Empire Corporate and South Dakota-based CorpStar announcing merger plans. CorpStar, which made headlines in 2001 for announcing plans to offer its members data processing services, said the move to merge was sparked by its inability to meet product demand as a small corporate.
"Our credit unions now want all the products and services and the best investment rates. We're a small corporate, and we just didn't have all that," said CorpStar Chairman Ron Peters.
With all 62 of CorpStar's member credit unions based in South Dakota the move also provided Empire with more mass and deeper penetration opportunities in South Dakota.
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That issue also finds credit unions granted underserved areas, adding on average 3,900 underserved members. According to Nick Owens, spokesman for NCUA Chairman Dennis Dollar, the additions demonstrated the agency had not streamlined the process by which credit unions can add underserved areas in vain.
"Making sure as many as possible had access to credit union services is what the Community Access Plan regulation was all about," said National Community Reinvestment Task Force Senior Vice President David Berenbaum, who praised the credit unions for reaching out to underserved areas.
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