The paucity of new credit union charters "perhaps by lawyers, doctors or other professional groups" is a troubling phenomenon even though the new REALTORS FCU is a promising omen, the former president/CEO of the Colorado Credit Union League said this week.

"I would have hoped that some of the bar associations would have started credit unions by now but it hasn't happened," observed James Holt, the ex-league executive and an attorney who is now president/CEO of the $141 million Mid American CU of Wichita, Kan.

Separately, Holt's CU was making its own news last week by announcing a merger proposal, its first in decades, for the struggling $3.7 million Sunflower CU of Arkansas City, Kan.

Holt said merger negotiations have been underway for months with Mid American presenting a proposed plan to Sunflower that Mid American's board has approved and awaiting an OK from Sunflower. The merger, if approved, allows Mid American to further expand in Cowley County, which falls under the state's new restrictive branch laws since Mid American has an FOM presence in Arkansas City.

Sunflower, which had losses the last five quarters, finished in the red for 2008 by $130,000. Sources said the CU, which at the request of regulators took over a smaller Kansas CU several years ago, found the integration process costly, coming also at an inopportune time during the economic crisis.