In September, credit unions announced plans to merge or completed mergers in Kansas, Louisiana, Ohio, Michigan and Texas.
The $229 million Mid American Credit Union in Wichita, Kan., said it is in talks about a possible merger with the $20.9 million New Century Credit Union in Topeka, according to a joint statement released Sept. 8 by both credit unions. Mid American is also negotiating a consolidation with the $5 million Veterans Administration Credit Union in Wichita.
Like some small credit unions, the 3,375-member New Century Credit Union is struggling financially. Its net worth was 6.65% compared to peer average of 12.32% at the end of June, according to NCUA financial performance reports.
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