Three CUs receive the nod to consolidate for their inability to find new leadership, while three more get the green light to merge for poor financial condition.
Financial performance reports indicate the New Jersey credit union had an inefficient cost structure and high compensation cost compared to peer averages.
Pending shareholder and regulatory approvals, it's the third bank purchase in five years and pushes the credit union to $9.5B in assets and nearly 500,000 members.