The flurry this week of NCUA-engineered takeovers of failed credit unions in the West and Southwest is shedding new light on both the strategies of large, well capitalized CUs making the acquisitions as well as the NCUA process itself.

In at least two cases Thursday, officials of acquirers involved in purchase deals, the $5 billion Security Service FCU of San Antonio, and the $1.1 billion United Federal Credit Union of St. Joseph, Mich. detailed reasons for their interest in long-distance mergers providing also an update on NCUA's bidding procedures.

"Yes, I have heard some complaints of credit unions like ours that are in a good position to make these kinds acquisitions and wondering why they weren't asked by NCUA," said Duane Nelson, chief operating officer of United FCU, which ended up the successful bidder last Friday for the failed $141 million Clearstar Financial CU of Reno, Nev.

NCUA's bidding process for Clearstar apparently began "about four months ago" about the time United FCU with 12 1/2 % capital was solicited as a bidder, said Nelson.

Meanwhile, Security Service in Texas said it "had taken part in an NCUA bidders conference last spring or early summer" for $78 million West Texas CU of El Paso. Earlier today, NCUA said Security Service will take over West Texas in a purchase/assumption transaction.