The slower pace of credit union mergers continues.

Seventeen consolidations were approved in February, down from 20in February 2013 and 19 in February 2012, according to the latestNCUA Insurance Activity Report.

February's number of mergers, however, was higher than January's number of mergers when only 12 were approved by theNCUA. That number is down from the 17 mergers approved inJanuary 2013 and 22 consolidations in January 2012.

All but one of the 17 credit unions that received the OK tomerge was under $50 million in assets. February's approved mergersoccurred in 13 states. California posted three mergers, Ohiohad two while New York, Michigan, Wisconsin, Pennsylvania,Tennessee, Kentucky, Mississippi, Louisiana, Indiana, Kansas,Hawaii and Washington each had one.

Fifteen of the approved mergers will allow credit unions toexpand services to their members. Only two credit unions wereapproved to consolidate because of poor financial condition,according to the NCUA report.

The $1.5 million Jayhawk Federal Credit Union in Lawrence, Kan.,was one of the two credit unions that received approval to mergebecause of its poor financial condition.

The 1,092-member credit union posted a net worth of -5%,compared to the peer average of 18% in 2013, according to NCUAfinancial performance reports. Over the past five years, the creditunion also has recorded gradual declines in total loans as well asloan, fee and investment income.

Last year, Jayhawk FCU had a net income loss of $260,047. Thoughthe credit union posted a meager net income gain of $1,692 in 2012and $1,684 in 2011, the cooperative recorded net income losses of$68,461 in 2010 and $42,409 in 2009, according to NCUA financialperformance reports.

Jayhawk FCU has been given the green light to consolidate withthe $219 million Mid American Credit Union in Wichita.

The $4.2 million North Hollywood Federal Credit Union of NorthHollywood, Calif., also claimed poor financial condition to receiveits NCUA approval to consolidate with the $71 million SouthernCalifornia Postal Credit Union in Long Beach.

Some of North Hollywood FCU's financial performance numbersavailable on the NCUA's website were below peer averages, includingreturn on average assets, non-interest income and net margin. Thecredit union also posted a net worth of 5% last year and 6% in2012, lower than the peer average of 14%.

To expand services to its 7,547 members, the $83.9 millionFirstDay Financial Federal Credit Union in Dayton, Ohio,received NCUA approval to merge with the $226 million,20,685-member River Valley Credit Union in Miamisburg, Ohio. This wasthe largest credit union merger in February, according to the NCUAreport.

The second-largest consolidation was the $25.3 million6,200-member Pinnacle Credit Union in Fort Wayne, Ind., with the$27.2 million, 2,708-member Public Service #3 Credit Union also ofFort Wayne. NCUA approved that merger on expanded services.