Credit union acquisitions of banks appear to be a good thing.

A new research report by Filene released Wednesday determined the 14 credit unions that acquired 16 banks since 2012 had somewhat stronger financial metrics with higher capital ratios, greater returns on both assets and equity and lower loan net charge-off ratios than comparable-sized credit unions by the end of 2017.

What's more, the report said credit union executives plan to pursue new bank acquisition deals over the next 18 months.

David A. Walker, a business professor at Georgetown University who authored the report "Credit Unions' Acquisitions of Banks and Thrifts," came to these conclusions after interviewing credit union CEOs and conducting financial analyses of the acquiring credit unions and acquired banks — before and after the acquisitions were made — based on variables and ratios that simulate the CAMEL (capital adequacy, asset quality, management, earnings and liquidity) regulatory system.

This system is a major tool the NCUA, the three federal bank regulators and the Farm Credit Administration have used to evaluate the financial performance of retail financial institutions since 1979, Walker noted.

Walker interviewed CEOs from six credit unions,  Linda Cencula of the $771 million Avadian CU in Hoover, Ala., Gary Regoli of the $1.5 billion Achieva CU in Dunedin, Fla.,  Cheryl DeBoer of the $1.6 billion Advia CU in Parchment, Mich.,  Brandon Riechers of the $2.2 billion Royal CU in Eau Claire, Wis., Robert Steensma of the Five Star CU in Dothan, Ala.,  and Tina Sbrega of the $505 million GFA Federal CU in Gardner, Mass. These credit unions acquired nine banks and savings institutions.

Most credit union CEOs recognized that significant economies of scope and scale opportunities were more likely from buying a bank than from merging with another credit union, according to Walker's interviews.

"Credit union executives reported that most acquisitions were beneficial and or profitable for the credit union within 18 months of the acquisition," Walker said. "Executives are generally satisfied with their bank acquisitions."

Following their acquisitions, credit unions often offered new services to their members, especially new members in underserved economic areas.

From his CEO interviews, Walker also found that nearly all executives said they would like to pursue future acquisitions.

"Several CEOs plan to acquire additional banks or savings institutions within the next 18 months," he said.

The report noted that the NCUA has not had noteworthy difficulty regulating the credit unions that have acquired banks and savings institutions, but they would look carefully at acquisitions.

Currently, five credit unions are pursing bank acquisition deals that are expected to be finalized after July 1, according to the report.

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