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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