With regulator encouragement, two more Las Vegas credit unionshave opted for the merger route, one, the long-ailing SONEPCO FCU,being hooked up with the $502 million SCE FCU of Irwindale,Calif.
The $59 million SONEPCO, has a 5.5% net worth ratio, said in May the NCUAwanted it to find a merger partner. The CU lost $1.2 million in thefirst three months of the year, adding to a string of losses.
Meanwhile, the $20 million SWG FCU, which in July detailed aproposal to merge with the $76 million Sierra Pacific FCU of Reno,said NCUA had now approved the deal to become effective atyearend.
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