The $8.7 million, 3,116-member Southern Illinois Area Credit Union in Swansea, Ill., will merge at the end of the year with the $186 million, 23,639-member Arsenal Credit Union in Arnold, Mo., the credit unions said.
Like many small credit unions, SIACU has been struggling financially with declining loan, fee and investment income. The cooperative's net worth fell to 6.37% on June 30, from 7.34% in December 2012, according to NCUA financial performance reports.
From 2008 to 2012, SIACU posted a total net income loss of $412,068, NCUA financial performance reports show.
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.
