The $5 million, 1,049-member North Shore Manufacturers Federal Credit Union in Beverly, Mass., has merged with the $1 billion, 48,671-member Hanscom Federal Credit Union in Hanscom Air Force Base, Mass. as of April 1.
The credit unions said that the difficulty for a small credit union to compete led to the merger. NSMFCU struggled financially over the past few years.
In 2012, the credit union posted a net income loss of $86,925 following a loss of $11,816 in 2011, according to NCUA financial performance reports. Even though NSMFCU had a net income gain of $10,188, in 2010, it lost $85,652 in 2009. NSMFCU ended 2012 with a net worth of 7%, but it posted a ROA of -1.59%, according to NCUA financial performance reports.
Continue Reading for Free
Register and gain access to:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts.
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders.
- Educational webcasts, white papers, and ebooks from industry thought leaders.
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com.
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
