Credit unions in New York, New Hampshire and Pennsylvania recently completed mergers with small, financially struggling cooperatives.

The $46.3 million Central Hudson Employees Federal Credit Union in Poughkeepsie, N.Y. merged into the $919 million Mid-Hudson Valley Federal Credit Union in Kingston, N.Y.

Although Central Hudson posted a net worth of 21%, its ROAA was 0.39%, according to NCUA financial performance reports. Serving 1,759 members, the credit union also experienced a decline in loans from $11.5 million in 2011 to $9.7 million at the end of 2015, while loan income fell from $607,422 to $473,675 in the same years. Central Hudson's net income also dropped from $340,718 in 2011 to $214,986 in 2015, according to NCUA financial performance reports.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.
NOT FOR REPRINT

© 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.