The NCUA approved only eight mergers in March.
That’s the lowest number of consolidations approved in the month of March over the last 10 years, according to a review of the NCUA’s Insurance Reports of Activity for the month of March since 2008.
In March 2015 and March 2011, the federal agency approved 12 and 11 mergers, respectively. But since March 2008 when 33 consolidations were approved, the number of mergers given the nod by the federal agency ranged from 18 to 34.
In March 2017, the largest consolidation given the green light by the NCUA was the $112 million Harbor Credit Union in Green Bay, Wis., into the $1.3 billion Fox Communities Credit Union in Appleton, Wis. Founded in 1952, Harbor served 11,512 members and operated four locations
This is the second merger of a Green Bay credit union with Fox Communities in recent months. In January, the $42.9 million Horizon Credit Union, its 2,783 members and two branches were consolidated into Fox Communities. In July 2015, the $34 million Riverwood-Maritime Credit Union in Two Rivers, Wis., and its 4,131 members also merged into Fox Communities.
The NCUA’s Insurance Report of Activity for March also showed that because of its poor financial condition, the $2 million Jax Gildco Employees Credit Union in Jacksonville, Fla., was consolidated into the $17.3 million Metro North Credit Union also based in Jacksonville.
Jax Gildco Employees CU posted a net worth of 6.49% in December 2016, which fell to 5.6% by March 2017. The credit union also recorded an ROAA of 2.57% at the end of last year and an ROAA of 3.06% in March 2017, according to financial performance reports.
Chartered in 1960, the credit union served 291 members.
The other six credit unions approved to consolidate for “expanded services” were under $25 million in assets, according to the NCUA Insurance Report of Activity.
