Credit Unions in Three States Complete Mergers

Credit Unions in Three States Complete Mergers
September 23, 2016 Marketing GrafWebCUSO

Credit unions in New York, New Hampshire and Pennsylvania recently completed mergers with small, financially struggling cooperatives.

The $46.3 million Central Hudson Employees Federal Credit Union in Poughkeepsie, N.Y. merged into the $919 million Mid-Hudson Valley Federal Credit Union in Kingston, N.Y.

Although Central Hudson posted a net worth of 21%, its ROAA was 0.39%, according to NCUA financial performance reports. Serving 1,759 members, the credit union also experienced a decline in loans from $11.5 million in 2011 to $9.7 million at the end of 2015, while loan income fell from $607,422 to $473,675 in the same years. Central Hudson’s net income also dropped from $340,718 in 2011 to $214,986 in 2015, according to NCUA financial performance reports.

The credit union was chartered in 1941 and employed five full-time employees.

In New Hampshire, the $6.3 million St. Joseph Hospital Employees Credit Union in Nashua consolidated with the $610 million Triangle Credit Union also based in Nashua.

St. Joseph Hospital Employees CU posted a net worth 9.63% with an ROAA of -0.04%, according to NCUA financial performance reports. From 2011 to June 2016, the credit union’s net income loss totaled more than $68,000.

St. Joseph Hospital Employee CU was chartered in 1969, served 993 members and employed two full-time employees and one part-time employee.

New Hampshire’s number of active credit unions totals 17.

In Pennsylvania, the $487,375 Sacred Heart of Corpus Christi Federal Credit Union in White Oak was merged into the $17.2 million Alcose Credit union also in White Oak.

Sacred Heart had a net worth of 16% with an ROAA of -2.30%, according to NCUA financial performance reports.

Chartered in 1958, the credit union served 154 members.  It had no employees.