Three more mid-size mergers of credit unions in Ohio, California and Washington State were in progress this week as the economic slump continued to take its toll.
In Ohio, the $90 million Associated School Employees CU of Youngstown said it is merging the $60 million Greater Warren Community FCU. The two credit unions had been in merger talks for nearly two years, but the current poor economic climate in northeast Ohio where mortgages and foreclosures remain troublesome made the CUs go ahead.
Associated, which merged a smaller Ohio CU in April, said the Greater Warren consolidation effective Aug. 1 will be a cost saver for both CUs "and avoid needless duplication" considering the CUs had overlapping school employee memberships.
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Meanwhile, the $7 billion Golden 1 CU of Sacramento, Calif., announced over the weekend it will be merging the $105 million U.S. First CU of San Mateo, Calif. U.S. First, which lost $1.6 million in 2008 and $3 million in the first quarter including the corporate expense, was founded in 1937 and has 11,000 members.
In Washington State, members of the $55 million Mile Post CU of Tacoma last week approved a merger into the $420 million Sound CU, also of Tacoma. Mile Post posted a $1.5 million loss for 2008 and $613,000 for the first quarter.
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