2016 was a slow year for credit union mergers.
The NCUA approved 200 consolidations last year. That’s down from the 238 approved mergers in 2015, and much lower from the 262 mergers in 2014 and the 258 mergers approved by the federal agency in 2013.
At the end of 2016’s fourth quarter, the NCUA approved 47 consolidations, according to the federal agency’s Insurance Report of Activity monthly reports for October, November and December. That’s lower than the 53 mergers approved during the third quarter. At the end of the second quarter of last year, 46 mergers received the green light and 54 consolidations received approval during the first quarter of 2016.
The largest mergers of the final quarter of last year included the $173 million Miramar Federal Credit Union in San Diego, Calif., into the $20.6 billion PenFed Credit Union in Alexandria, Va.; the $128 million Chevron Valley Credit Union in Bakersfield, Calif. into the $442 million Safe 1 Credit Union also in Bakersfield, and the $117 million Harbor Federal Credit Union in Carson, Calif., into the $608 million Southland Credit Union in Los Alamitos, Calif.
Because of their poor financial condition, seven credit unions received NCUA approvals to consolidate. They were the $1.4 million Anchor Seven Credit Union in Jacksonville, Fla., into the $6.5 billion Vystar Credit Union also in Jacksonville; the $21 million Jeffco Federal Credit Union in Golden, Colo. with the $113 million Space Age Federal Credit Union in Aurora, Colo.; the $22 million NARC Federal Credit Union in Beltsville, Md., into the $279 million Agriculture Federal Credit Union in Washington, D.C.; the $316,541 West Holmes School Employees Credit Union in Millersburg, Ohio with the $662 million Directions Credit Union in Sylvania, Ohio; the $4.9 million Philcore Credit Union in Guayama, Puerto Rico into the $214 million VAPR in San Juan, Puerto Rico; the $10.5 million Kyang Credit Union in Louisville, Ky., into the $20.6 billion PenFed Credit Union in Alexandria, Va.; and the $3.4 million $3.4 million G H Woodworkers Federal Credit Union in Aberdeen, Wash., with the $131 million Great Northwest Credit Union in Aberdeen, Wash.
Because of membership losses, three credit unions received the NCUA nod to merge. They were the $407,371 Roslyn Catholic Credit Union in Roslyn, Pa., with the $29 million Honeywell Philadelphia Div. Federal Credit Union in Fort Washington, Pa., the $65 million Automatic Data Processing Credit Union in Roseland, N.J. with the $2.3 billion Unify Financial Credit Union in Torrance, Calif., and the $7 million Westmoreland Federal Credit Union in Greensburg, Pa. into the $68 million Westmoreland Community Federal Credit Union also in Greensburg.
The $8.3 million Knoxville News-Sentinel Employees Credit Union in Knoxville, Tenn., lost its sponsor and was approved to consolidate with the $47 million New South Credit Union also in Knoxville.
The $988,266 K & E Employees Federal Credit Union in Hoboken, N.J. couldn’t find a new CEO, so the NCUA approved its merger with the $9.4 million Hoboken NJ Police Federal Credit Union also in Hoboken.
Thirty-five credit unions received NCUA approval to merge for expanded services.
Five mergers occurred in California, the most in the nation, during the fourth quarter, followed by Wisconsin with four consolidations, while Pennsylvania and Virginia each posted three mergers, according to the NCUA’s Insurance Report of Activity for the last three months of the year. Florida, North Carolina and Maryland each had two consolidations.
