The largest credit union mergers approved by the NCUA in the second quarter included:

The $200 million Financial One Credit Union in Columbia Heights, Minn., with the $1.7 billion Magnifi Financial Credit Union in Melrose, Minn. (Expanded services).
The $52.4 million allU.S. Credit Union in Salinas, Calif., into the $36.6 billion Pentagon Federal Credit Union in McLean, Va. (Expanded services).
The $44.1 million Jacksonville Postal & Professional Credit Union in Jacksonville, Fla., with the $1.3 billion First Florida Credit Union in Jacksonville. (Inability to obtain officials).
The $34.6 million Western Illinois Credit Union in Macomb, Ill., with the $1.3 billion Credit Union 1 in Rantoul, Ill. (Expanded services).
The $33.3 million Peabody Municipal Federal Credit Union in Peabody, Mass., into the $107 million Energy Credit Union in West Roxbury, Mass. (Expanded services).

Credit unions that got the OK to merge because of poor financial condition were:

The $11.6 million Moore West Federal Credit Union in San Leandro, Calif., with the $650 million UNCLE Credit Union in Livermore, Calif. Moore West posted a loss of $787,723 at the end of second quarter, NCUA financial performance reports showed.
The $4.5 million MSBA Employee Federal Credit Union in Garden City, N.Y., with the $75.7 million Consumers Federal Credit Union in Brooklyn, N.Y. MSBA Employees recorded a loss of $276,577 at the end of the second quarter, NCUA financial performance reports showed.

Credit unions approved to consolidate because of the inability to obtain officials, in addition to Jacksonville Postal & Professional, listed above, included:

The $16.2 million Champaign County School Employees Credit Union in Champaign, Ill., with the $86.9 million Illinois Educators Credit Union in Springfield.
The $3.6 million U.S. Court House SDNY Federal Credit Union in New York, N.Y., into the $23.1 million The Finest Federal Credit Union in New York, N.Y.

One credit union that received approval to merge because of lack of sponsor support was:

The $1 million U.S. Weather Bureau NY Federal Credit Union in Westbury with the $859 million Department of Commerce Federal Credit Union in Washington, D.C.

One credit union that received the green light to merge because of a loss or decline of field of membership was:

The $489,718 Security Plus Federal Credit Union in Russellville, Ky., with the $226 million Service One Credit Union in Bowling Green, Ky.

Instant Insights /

Credit Union Mergers Declined in the Second Quarter, NCUA Report Shows

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