NCUA Approves 27 Mergers During the First Quarter of the Year

The federal agency's Q1 Merger Activity and Insurance Report released on Monday showed three mergers were approved because of the inability to find officials, two for poor financial condition and 22 for expanded services.

The largest mergers were:

• The $509 million Commonwealth One Federal Credit Union in Alexandria, Va., with the $540 million Arlington Community Federal Credit Union in Falls Church, Va. (Expanded Services. Membership vote scheduled for June 25.)
• The $266 million Advantage One Credit Union in Brownstown, Mich., into the $483 million LOC Credit Union in Farmington, Mich. (Expanded Services. Membership vote scheduled for July 15.)
• The $176 million Heartland Credit Union in Inver Grove Heights, Minn., with the $252 million Novation Credit Union in Oakdale, Minn. (Expanded Services)

The mergers approved due to the inability to obtain officials were:

• The $175 million MAC Federal Credit Union in Fairbanks, Alaska into the $1.5 billion Credit Union 1 in Anchorage.
• The $327,515 Alloy Employees Credit Union in Waukesha, Wis., with the $7.7 billion Landmark Credit Union in Brookfield, Wis.
• The $131,327 Aliquippa Teachers Credit Union in Beaver, Pa., into the $68.2 million Friendly Federal Credit Union in Alliquippa, Pa.

The mergers approved due to poor financial condition were:

• The $177 million Gateway Metro Federal Credit Union in St. Louis, Mo., with the $498 million West Community Credit Union in O'Fallon, Mo. (In the first quarter, Gateway Metro lost $3,197,597, in part, because of high non-interest expenses. It also recorded losses of $940,528 and $316,650 in 2024 and 2025, respectively, according to NCUA financial performance reports).
• The $114 million North Bay Credit Union in Santa Rosa, Calif., into the $969 million Alero Financial Credit Union in Elgin, Ill. (North Bay posted losses of $1,971,764 in 2024 and $2,215,400 at the end of last year.)