Calling its experience a new mark of regulatory delay, the $65million SPE Federal Credit Union in Pennsylvania completed a mergerof a healthy and neighboring CU this week “and it only took twoyears,” according to its frustrated CEO, Russell Brooks.

The delay in Brooks’ estimation was apparently the result ofboth “the NCUA turmoil on the corporates” and last year’s change infield of membership/community charter rules and how they applied toSPE’s planned acquisition of the $11.9 million Huntingdon CountyFCU.

“We’ve discussed a possible merger for years when this multi-SEGCU lost its original sponsor and the credit union had no successionplan for their senior executive who was retiring and so they begantalking to us,” explained Brooks.

Once the paperwork was filed with NCUA, hang-ups emerged overcommunity charter boundaries and “what the NCUA wanted us to do.”Then the application apparently got waylaid during NCUA’spreoccupation with the corporate crisis and now “it’s two yearslater,” said Brooks who said he felt like he was “riding abronco.”

He even put up a sign on his office wall, “Keep Calm and CarryOn.”

The formal merger was made effective July 1 though it may takeanother six to 12 months to complete the conversion, he said.Huntingdon, chartered in 1945 and with 2,500 members, previouslyhad an Owens Fiberglas plant as its sponsor.

Prior to the merger, located in State College, SPE had obtaineda community charter that encompasses all of Huntingdon County.Brooks credited Merger Solutions Group, an Oregon consulting firm,in helping clear the regulatory impasse. “They were a big help,” hesaid.

Asked for comment, an NCUA spokesman noted that “to conducta merger, Huntingdon had to expand its field of membership whichwasn’t ultimately approved by NCUA’s Office of Consumer Protectionuntil February 2011.”

In another completion this week of a Pennsylvania merger inPittsburgh, the $727 million Clearview FCU of Moon Township said ithas completed this week of the$49 million A-K Valley FCU, LowerBurrell. That merger was first announced in June 2010.

In a statement commenting on the merger trend, Mark Brennan,president/CEO of Clearview, said conditions remain ripe for furtherconsolidations since it may be “difficult” for some CUs to offerproducts and services independently. “We are always looking forcredit union partners where we can share costs and efficiencies inthe spirit of the cooperative movement,” Brennan concluded.