The NCUA approved 16 mergers in October, including a Minnesota credit union because of poor management even though it is well capitalized with a net worth of 8%. What’s more, the federal agency gave the OK for four undercapitalized credit unions to consolidate in Alabama, Indiana, Illinois and Virginia because of their poor financial condition.

Chartered in 1994, the $13.5 million Agassiz Credit Union in Crookston, Minn., which served 1,396 members, was approved to consolidate with the $611 million First Community Credit Union in Jamestown, N.D.

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