ALEXANDRIA, Va. – NCUA reported Friday it approved another 24 mergers, 13 of which will eliminate troubled credit unions.

Among them are the merger of Woodlands CU, a $112 million Berlin, N.H., credit union that has reported losses for five years in a row and is being acquired by $725 million Northeast CU in Portsmouth, N.H.; and Columbus CU in Warren, R.I., a $67 million credit union that also reported losses for five straight years and is being combined with $1.4 billion Navigant CU in nearby Smithfield, R.I.

Other troubled credit unions to be merged out: $12 million I.R- Employees FCU, Mocksville, N.C. (into $960 million Allegacy FCU); $11 million U.F.C.W. Union Local 880 FCU, Cleveland (into $160 million Firefighters Community FCU); $9 million Riverwest CU, Tulsa (into $465 million Oklahoma Central CU); as well as two recent CDCU star-ups, Inspire Community Development FCU, Battle Creek, Mich. (into $685 million First Community CU); and CR Community First CU, Eagle Butte, S.D. (into $935 million Black Hills FCU).

 

Subscribe Now

Authoritative analysis and perspective for every segment of the credit union industry

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.