"Intensifying competition and reduced margins imply credit unions in all asset ranges will be exploring their options and possible benefits of mergers," Colby predicted. "In most cases, members will benefit from increased convenience and more product/service options."

For starters, $853 million Orange County's Credit Union and $534 million Credit Union of Southern California were excited about the prospect of merging when the two financial institutions began preliminary discussion in November 2006 but on the eve of 2007, both decided not to go through with the merger.

January saw the merger of million South Texas Healthcare FCU merged with $215 million UNITED SA FCU. January saw mergers between Port CU and Valley Communities CU and Cumorah CU with Kolob CU. The Wickliffe Community CU and the million Eaton Family CU also kicked off 2007 with a merger.

Mergers have been a boon for Oregonians CU. Over the last three years, eight mergers have brought in more than 13,400 members and boosted Oregonians' assets from $170 million to $240 million and its member base to 42,000.

Billion dollar and other larger credit unions were also sought out by smaller credit unions as potential merger candidates. The $16 million Napa Valley Schools FCU merged with $1.6 billion Travis CU. The $1.4 billion Founders FCU added $15.8 million GT&R Employees NC FCU to its merger roster while $5.7 million Skidmore Employees FCU with $1.5 billion Albany, N.Y.-based State Employees FCU. Another billion dollar merger expected to become final this year is the one between $50 million Capital Power CU and $1.4 billion SAFE CU. In Florida, OMNI Community CU merged with $2 billion Eastern Financial Florida CU. The $398 million Journal CU, merged with $730 million with Summit CU and $13 million CEFCU aligned with $502 million Vantage CU.

Gulf Shores CU merged with Achieva CU to create a nearly $600 million credit financial institution. The $330 million Sacramento CU and $20 million Golden State FCU also completed a merger earlier this year. Seattle Metropolitan CU and Credit Union Northwest also announced plans to merge as did the million Capital Communications FCU and million Excelsior CU. In July, T.W. Community FCU merged with AmeriChoice FCU.

Wisconsin is prepping for the largest credit union in that state's history. The Summit CU and Great Wisconsin CU announced this year its plans to merge to create a $1 billion credit union. The merger is scheduled to be completed in January 2009. Another fairly large merger in California is set for the end of 2007. The $259 million Toyota FCU entered into an agreement to merge with $1.2 billion Western FCU as did $59 million Tiger FCU and $702 million Xerox FCU. Michigan also saw one of its largest mergers between $191 million Community Choice of Livonia and $225 million Research FCU.

Walt Disney employees in California and Florida will have an expanded lineup of products and services if the expected merger between the combined $825 million Partners FCU and Vista FCU becomes final this year.

Meanwhile, the industry witnessed one of its biggest mergers in February when Members Trust Company of Colorado merged with MEMBERS Trust Company. Together, the combined company has approximately $400 million in assets under management. The merger aimed to help establish more trust service alliances in the Western part of the country.

Corporates also continued their consolidation trend. In March, $13 billion Southwest Corporate and $1.28 billion Northwest Corporate announced its plans to merge and followed through on Dec. 1. Two more corporates joined together in December: $12.1 billion Members United and $265 million Central Credit Union Fund. In April, WesCorp and SunCorp announced their plans to merge to create a $34 billion corporate.

On Jan. 1, the North Dakota and South Dakota Credit Union Leagues became the first two leagues to align as one creating the Mid-America Credit Union Association. CUNA Mutual Insurance Society policyholders voted to merge with CUNA Mutual Life Insurance Company.

Paula Edwards-Noice, former president/CEO of the now defunct Nationwide FCU, continued to stand behind the merger with Nationwide Bank telling attendees at NACUSO's annual conference in May that "it was always and only about the members'" best interests.

Another big merger is underway in Canada. Credit Union Central of Ontario Limited and Credit Union Central of British Columbia, which are the equivalent of leagues in the United States, announced their intentions to merge to create a $7.4 billion entity representing more than 200 credit unions that serve 2.7 million members. The transaction was expected to close in October but the deal is set to go through by year's end, according to the centrals.

–[email protected]